ICL invests $60 mn in CAF to grow US agriculture business

Israeli specialty minerals company ICL has acquired Custom Ag Formulators (CAF), a North American provider of customized agricultural formulations and products, for up to $60 million.

CAF, known for its diverse range of liquid adjuvants, enhanced nutrients, and other specialty products, operates two manufacturing facilities in the US. These facilities are strategically located in Fresno, California, and Adel, Georgia, enabling same-day shipping to key regions on both the East and West Coasts, as well as the Central US.

ICL, which reported revenues of approximately $7.5 billion last year, employs over 12,000 people worldwide. The company utilizes its unique bromine, potash, and phosphate resources, along with a global professional workforce and sustainability-focused R&D and technological capabilities, to provide impactful solutions in the food, agriculture, and industrial markets.

The acquisition of CAF, ICL’s second purchase this year, aims to expand its Growing Solutions product offerings and facilitate growth in new and adjacent markets. Elad Aharonson, President of ICL Growing Solutions, highlighted that the acquisition would enable ICL to meet the distinctive needs of local growers through existing distribution partners. Furthermore, he emphasized that the acquisition would allow the company to address the specific requirements of farmers across the growing regions of the US West Coast and the Southeast, where crop and nutritional needs vary greatly.

This strategic move highlights ICL’s commitment to enhancing its footprint in the plant nutrition sector and underscores its dedication to providing tailored solutions to meet the evolving needs of the agricultural industry.