ICL to acquire Vale’s share of Fosbrasil
ICL, a global minerals based products producer, has entered into a definitive agreement to acquire Vale Fertilizantes’s share in Fosbrasil, a joint venture producing purified phosphoric acid and raw materials for fertilisers located in Brazil.
The proposed transaction is subject to the approval of Brazilian competition authorities (CADE) and other customary approvals.
The purchase of Vale’s shares will increase ICL’s ownership share to a majority position in a major producer of phosphoric acid in South America.
The transaction supports and is in concert with ICL’s recent announcement on its new strategy “The Next Step Forward,” as the acquisition is directly connected to targeted attractive end markets of food, engineered materials and agriculture. Phosphoric acid is a key ingredient in a variety of food and beverage products, and is also used in food processing and a number of industrial applications. It is also a key raw material for the production of phosphate salts.
ICL is an important global producer and marketer of phosphoric acids and phosphates, with production locations in Brazil, the US, Mexico, Germany, Israel and China.
“This acquisition complements ICL’s global position in phosphoric acid and phosphates”, says Mark Volmer, president and CEO of ICL Performance Products. “It is the next step in the global expansion strategy that we have been following for the past decade, carrying out complementary acquisitions that have transformed our company into a rapidly-growing major global player in the essential needs areas of food, engineered materials, and agriculture.”
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