TEL AVIV, Israel, December 18, 2013 /PRNewswire/ --
- Acquisition to Expand ICL Food Specialties' Portfolio of Tailored, Functional Solutions -
- Acquisition in Line with ICL's "Next Step Forward" Strategy to Maintain Growth for the Next Decade through Acquisitions in the Food, Agriculture and Engineered Materials Markets -
ICL (TASE: ICL), a global fertilizers and specialty minerals company that fulfills essential needs of the world's growing population in the agriculture, food and engineered materials markets, today announced that it has entered into a definitive agreement to acquire Hagesüd Group ("Hagesüd"), a German producer of premium spice blends and food ingredients for meat processing. Following the acquisition, Hagesüd will become part of ICL Food Specialties.
The transaction includes all of the operating assets of the Hemmigen, Germany-based company, including Hagesüd's existing business, state-of-the-art production technology and warehouse facilities located in Hemmigen, Dortmund and Ottensoos,Germany with about 200 employees. Hagesüd is well established in the premium spice & ingredient market.
ICL's purchase of Hagesüd will complement its existing ICL Food Specialties' portfolio of functional 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. Hagesüd's modern production facilities, expertise in spice formulations and high level of customer service will complement and strengthen ICL's position in the global meat processing market.
The acquisition of Hagesüd fits ICL Food Specialties' growth strategy and is aligned with ICL's previously announced "Next Step Forward" strategy to continue ICL's 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-inspired consumer demand for new product development.
Mr. Mark Volmer, President and CEO of ICL Performance Products, emphasized: "Our acquisition of Hagesüd 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."
About ICL
ICL is a leading specialty minerals company that fulfills essential needs of the world's growing population, primarily in three markets: agriculture, food and engineered materials. The Company's diversified portfolio of products help to increase global food supplies, improve industrial materials and processes, and make energy exploration activities more efficient and eco-friendly.
ICL produces approximately a third of the world's bromine, and is the sixth largest potash producer as well as the leading provider of pure phosphoric acid. It is a major manufacturer of specialty fertilizers and specialty phosphates, flame retardants and water treatment solutions. ICL's mining and manufacturing operations, located in Israel, Europe, the Americas and China, are supported by a global distribution and supply network.
ICL benefits from a number of unique advantages, including its vertically integrated activities and complementary and synergistic downstream operations for the production of unique end products; its balanced and varied product portfolio in growing markets; and its worldwide presence with proximity to major global markets in developing regions.
ICL's shares are traded on the Tel Aviv Stock Exchange (TASE: ICL).