Israeli specialty minerals company ICL (TASE: ICL: NYSE: ICL) today announced it has acquired US company Custom Ag Formulators (CAF) for $60 million. CAF provides customized agriculture formulations and products for growers, offering a diverse assortment of liquid adjuvants and enhanced nutrients, as well as various other specialty products. ICL’s second growing solutions acquisition in 2024 is part of its strategy of expand its growing solutions product offerings and to position the business for further growth in new and adjacent end-markets.
CAF operates two US-based facilities, with one in Fresno, California, and a second in Adel, Georgia. Both sites manufacture liquid and dry formulations, and their strategic locations mean CAF can ship same day to key growing regions on both the US East and West Coasts and to the Central US.
ICL Growing Solutions president Elad Aharonson said, "This acquisition helps further the growth of our global growing solutions business, by enabling us to meet the distinctive needs of local growers through our existing distribution partners. It also allows us to address the specific requirements of farmers across the growing regions of the West Coast and the Southeast, where crops - and their nutritional needs - can vary greatly."
Custom Ag Formulators principal and director of sales Patrick Murray added, "Custom Ag Formulators was founded to provide quality products with custom formulations and packaging in a timely and efficient manner. For more than 25 years, our mission has been to consistently lead the industry in customer service, quality and product innovation, and we are excited to move this mission forward with ICL Group."
Published by Globes, Israel business news - en.globes.co.il - on July 29, 2024.
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