December 23, 2013
TEL AVIVICL Performance Products has entered into a definitive agreement to acquire Vale Fertilizantess share in Fosbrasil S.A., a joint venture producing purified phosphoric acid and raw materials located in Brazil. The acquisition, subject to customary approvals, is in line with ICLs Next Step Forward Strategy" to maintain growth for the next decade through acquisitions in the food, agriculture and engineered materials markets.
The purchase of Vales shares will increase ICLs ownership share to a majority position in a major producer of phosphoric acid in South America. 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.
This acquisition complements ICLs global position in phosphoric acid and phosphates," said 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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