Israel Chemicals Ltd. (TASE: ICL) has acquired Hagesud Group, a German producer of spice blends and food ingredients for meat processing. Hagesud will become part of Israel Chemicals food specialties division. No financial details were disclosed.
The deal includes all the operating assets of the company, existing business, production technology, and warehouse facilities. The German company has 200 employees.
Israel Chemicals said that the purchase of Hagesud will complement its existing food specialties portfolio of ingredients and spice blends for the meat and poultry processing industries, combine know-how and strong brands and expand the customer offering to include tailored formulations that provide unique flavors with texture and stability influencing ingredients.
Israel Chemicals said that the acquisition of Hagesud fits its food specialty growth strategy to continue growth over the next decade through acquisitions and other initiatives in the agriculture, food, and engineered materials markets. ICL's activities in the global food sector are focused on functional ingredients that support trend-inspire consumer demand for new product development.
ICL Performance Products CEO Mark Volmer said, "Our acquisition of Hagesud will provide our Food Specialties Unit with an additional platform for growth and profitability. Our respective sales and marketing organizations are similarly focused on customizing innovative products for the global meat industry. Combining our resources will provide us with a stronger distribution network and cross-selling opportunities in a key market in which both companies are active, as well as in new markets."
Published by Globes [online], Israel business news - www.globes-online.com - on December 18, 2013
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