TEL AVIV, Israel, March 1, 2011 /PRNewswire-FirstCall/ -- ICL (TASE: ICL), a multinational fertilizer and specialty chemicals company, today announced that it has completed its purchase of the Global Professional business ("Scotts' Global Professional") of The Scotts Miracle-Gro Company (NYSE: SMG) ("Scotts"). The acquisition transfers to ICL Scotts' Global Professional's well-known line of branded products, large sales and marketing force and R&D resources, as well as several factories and peat mines located in Holland, the UK and the US. The purchase price is US$270 million for the business, assets and shares of Scotts' Global Professional business, subject to certain adjustments at closing. ICL financed the acquisition from its internal resources.
Scotts' Global Professional business sells specialty fertilizers, growing media and plant protection products to commercial nurseries, greenhouses and specialty crop growers in the Americas, EMEA and the Far East. Its products include a broad line of proprietary high-quality controlled-release fertilizers (CRF), slow release fertilizers, water-soluble fertilizers (WSF), plant protection products, wetting agents, growing media and grass seeds sold under well-known brand names, including Osmocote, Sierrablen, Peters Professional and others.
Commenting on the news, ICL President & CEO Akiva Mozes said, "We welcome the Global Professional team to the ICL family and look forward to the seamless integration of our businesses into a ~$500 million specialty fertilizers and horticultural/turf inputs powerhouse."
"ICL's acquisition of Scotts' Global Professional is a major first step that we have taken in line with our goal of positioning ICL Fertilizers as a leading company in this fast-growing field. By integrating Scotts' Global Professional with ICL Specialty Fertilizers, we will establish an international platform that is poised to address rapidly evolving markets in EMEA, the Americas and Asia Pacific markets, thereby achieving significant growth. The combined company's expanded production and R&D capabilities will support our effort to bring a continually expanding range of products, together with the close support that today's growers need to optimize their agricultural output."
"We are delighted that the sale of our Global Professional business to ICL has been completed and trust that ICL's and Global Professional's teams will establish a close working relationship," said Jim Hagedorn, chairman and chief executive officer, ScottsMiracle-Gro. "We thank the Global Professional team for all of its efforts during the years it was a part of our company, and we wish it well as it becomes integrated into the ICL family."
ICL is one of the world's leading fertilizer and specialty chemicals companies. For a world challenged by population growth and scarce resources, ICL makes products that increase global food and water supplies and improve industrial materials and processes. ICL is the world's number one producer of elemental bromine and organophosphorus flame retardants, and is the 6th largest potash producer in the world. ICL is also the number one producer of PK fertilizers (compound potash & phosphate), a leading supplier of fertilizers in Europe and a major player in specialty fertilizer market segments. One of the world's most integrated manufacturers and suppliers of phosphate products, ICL is also the world's leading provider of pure phosphoric acid and specialty phosphates.
ICL's major production activities are located in Israel, Europe, the US, South America and China, and are supported by major global marketing and logistics networks.
ICL's shares are traded on the Tel Aviv Stock Exchange (TASE: ICL).
About ICL Fertilizers
ICL Fertilizers, one of ICL's three operating segments, produces commodity and specialty fertilizers and markets them throughout the world. The world's sixth largest producer of potash, ICL Fertilizers' potash mining operations are at Israel's Dead Sea, and in Spain and England. ICL Fertilizers' Rotem Amfert Negev Division mines phosphate rock from Israel's Negev desert and uses it to manufacture phosphate fertilizers and phosphoric acid. In addition, ICL Fertilizers produces complex fertilizers as well as inputs for value-added downstream products. ICL Fertilizers sells its products to customers throughout the world, with an emphasis on Europe, Brazil, India, China and Israel.
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SOURCE ICL Ltd