ICL, a global manufacturer of products based on specialty minerals for the agriculture, processed food and engineered materials markets, completed its acquisition of Vale Fertilizante’s (Vale) equity holding in Fosbrasil, a Brazilian-based producer of downstream phosphate-based products including purified phosphoric acid for the food market and phosphate-based fertilizers (Fosbrasil). ICL and Vale were former joint venture partners in Fosbrasil. With ICL’s acquisition of Prayon’s minority position in Fosbrasil, ICL now owns 100% of Fosbrasil.
ICL entered into a definitive agreement to acquire Vale’s share of Fosbrasil in December 2013 pending regulatory approval, which was recently received. ICL is a global producer and marketer of phosphoric acids and phosphates with production facilities in Brazil, the US, Mexico, Germany, Israel and China. The acquisition of all of Fosbrasil represents an additional step in ICL’s implementation of its ‘Next Step Forward’ strategy to strengthen ICL’s core business activities in the food, agriculture and engineered materials markets, and to increase its activities in emerging markets, including Brazil, China, India and Africa, which are the primary focus for achieving the company’s strategic goals.
The consolidation of ICL’s ownership in Fosbrasil will benefit ICL’s customers by providing them with a dependable, broad line of phosphoric acids and phosphates, as well as with increased production and customer support.