ICL signs $170m Chinese fertilizer deal

Israeli specialized metals company ICL (level: ICL:New York Stock Exchange: ICLIsrael Chemicals (formerly Israel Chemicals) today announced the signing of a five-year agreement with Chinese distributor AMP Holdings Group. The agreement, valued at $170 million, will run through 2028 and furthers ICL’s goal of expanding its growing solutions product offerings and positioning the business for further growth in key end markets.

The agreement relates to water-soluble specialty fertilizers, used in drip irrigation and designed for cash crops such as apples, watermelons, vegetables, strawberries, ginger and grapes. The agreement includes a minimum purchase commitment, with certain exclusivity terms depending on the brand and region.

“Our soluble fertilizer products are market leaders in China – a key region for us – and this agreement with AMP Holdings further strengthens ICL’s position in the premium segment of the specialty fertilizer market in China,” said Elad Aharonson, President of ICL Growing Solutions. “We are pleased that AMP has continued to choose ICL as a partner, value our relationship with them and appreciate the endorsement of our specialty soluble fertilizer expertise from one of China’s leading agricultural distributors.”

This article was published in Globes, Israeli Business News – en.globes.co.il – on August 28, 2024.

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