Israel Chemicals buys fertilizer co Fuentes

Spanish company Fuentes had €113 million turnover in 2010; Israel Chemicals' specialty fertilizer sales total $650 million a year.

Israel Chemicals Ltd. (TASE: ICL) has acquired Spanish fertilizer company Antonio Fuentes Mendez SA. The company did not disclose the size of the deal.

The acquisition includes all four companies of the Fuentes group, its production line of liquid fertilizers, soluble fertilizers, and the production line of field fertilizer compounds. Fuentes has production plants in southern Spain, facilities at the Cartegena Port, offices, and other facilities.

Israel Chemicals' specialty fertilizer sales total $650 million a year, and Fuentes had a turnover of €113 million ($163 million) in 2010.

Israel Chemicals said, "This acquisition will turn Israel Chemicals into the leading supplier of specialty fertilizers for agriculture in the Spanish market, which is growing rapidly. It is a further expression of the strategy to invest and expand in the specialty fertilizer business, which Israel Chemicals has identified as having high growth potential." It added that Spain is the largest market for specialty fertilizers in the EU

In December 2010, Israel Chemicals acquired Scotts' Global Professional business (Global Pro) from The Scotts Miracle-Gro Company (NYSE: SMG) for $270 million.

Israel Chemicals' share price fell 1.1% today to NIS 60.05, giving a market cap of NIS 77 billion.

Published by Globes [online], Israel business news - - on April 11, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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