Israel Chemicals Ltd. (TASE: ICL) has completed the acquisition of the Scotts' Global Professional business from The Scotts Miracle-Gro Company (NYSE: SMG) for $270 million. Global Pro is a global provider of specialty fertilizers and horticultural and turf specialty products.

Israel Chemicals CEO Akiva Mozes said, "The field of specialty fertilizers is a growing area, and Israel Chemicals current specialty chemicals activities has received a significant boost due to this acquisition. Scotts distribution and market capabilities will bring us even closer to customers and create optimal synergy for a broad basket of products that the company now has in specialty fertilizers."

The acquisition will double Israel Chemicals's specialty fertilizer activities that totaled $250 million in 2009, about 10% of the company's overall revenue.

With anticipated annual specialty fertilizer sales of $500 million, Israel Chemicals will hold a 20% global market share.

Israel Chemicals share price fell 1.16% on the TASE today to NIS 59.50.

Published by Globes, Israel business news - www.globes-online.com - on March 1, 2011

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