ACC acquires a fertilizer company from Brazil for about $ 120...

Chemicals and Fertilizers Company ICL (formerly ICL) ICL), Which is controlled by Idan Ofer’s Israel Company, acquires Fertiláqua, a Brazilian company operating in the field ofFertilizers The specials, for about $ 120 million. Partilakwa is controlled by Aqua Capital, a private venture capital fund specializing in agriculture and food.

ICL , Led by the CEO Raviv Zoller, Updated today in a report to the stock exchange that the completion of the acquisition is expected in early 2021, “subject to the completion of acceptable closing conditions.”

The company notes that “the acquisition will expand ICL’s product range in the field of specialty fertilizers and significantly increase its customer base and presence in the agricultural areas of Brazil, one of the fastest growing agricultural markets in the world.”

Addilacawa has more than 100 different products and offers a variety of solutions for the full life cycle of the plant, including soil regeneration, seed treatment and plant health in all major growing areas in Brazil, for soybeans, corn, cane, cotton, coffee, fruit And vegetables. The company provides service and distribution to more than 500 customers, including retailers, cooperatives and large farms, employs about 350 people, has two production sites as well as two research and development centers.

CEO Zoller noted today that “The acquisition is an important part of the growth strategy of our fertilizer business. The expected growth of our fertilizer operations, both organically and through mergers and acquisitions, will be supported, among other things, by increased demand for specialty fertilizers and our focus on emerging markets. Partilakawa provides ICL with a significant foothold in a large market, where the growth in demand for specialty fertilizer products is accelerating. In addition, it immediately creates synergies with our distribution capabilities in Brazil and adds to ICL’s product range many more products with higher growth rates and margins. It will also provide a seasonal balance in our special fertilizer sales between the northern and southern hemisphere. “

ACC shares, which have been facing declining demand and fertilizer prices (mainly potash and phosphate) in the past year against the backdrop of the global corona epidemic, have fallen 21% since the beginning of the year and the company’s value on the stock exchange has shrunk to NIS 16 billion.

The company ended the second quarter of 2020 with a decrease of about 16% in revenue compared to the corresponding quarter last year, to a level of about $ 1.2 billion, against the background of a decrease in the prices of goods it sells and a decrease in demand for bromine compounds. The company posted an operating loss of $ 169 million this quarter, compared to an operating profit of about $ 240 million in the corresponding quarter. On the bottom line, the company reported a net loss of $ 168 million in the second quarter, compared to a profit of $ 158 million in the corresponding quarter.

ICC ended the first half of the year with an 11% decrease in revenue compared to the first half of 2019, to a level of about $ 2.5 billion, and beyond an operating loss of $ 37 million compared to an operating profit of about $ 467 million in the period The equivalent. The net loss in the first half was $ 108 million, compared to a profit of $ 297 million in the corresponding half.

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