Israeli specialty minerals company ICL (TASE: ICL: NYSE: ICL) (formerly Israel Chemicals) today announced it has signed a five-year agreement with Chinese distribution company AMP Holdings Group. The agreement, worth $170 million, will run until 2028 and advances ICL’s aim of expanding its growing solutions product offerings and to position the business for further growth in major end-markets.
The agreement is for specialty water soluble fertilizers, which are used in drip irrigation and designed for cash-crops, such as apples, watermelons, vegetables, strawberries, ginger and grapes. It includes a minimum purchase commitment, with certain exclusivity conditions based on brand and region.
"Our soluble fertilizer products are recognized as market leaders in China - a key region for us - and this agreement with AMP Holdings will further strengthen ICL’s position in the premium part of China's specialty fertilizer market," said Elad Aharonson, president of ICL Growing Solutions. "We are gratified that AMP continues to select ICL as a partner, and we value our relationship with them and appreciate the endorsement of our expertise in specialty soluble fertilizers from one of the leading agricultural distribution companies in China."
Published by Globes, Israel business news - en.globes.co.il - on August 28, 2024.
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