ICL (NYSE: ICL), a leading global specialty minerals company, today announced it has acquired Custom Ag Formulators (CAF), a North American provider of customized agriculture formulations and products for growers, for approximately $60 million. CAF offers a diverse assortment of liquid adjuvants and enhanced nutrients, as well as various other specialty products. This latest Growing Solutions acquisition, the second of 2024, advances ICL’s stated goal of targeting acquisitions to expand its Growing Solutions product offerings and to position the business for further growth in new and adjacent end-markets.
CAF offers customized agricultural formulations and packaging and operates two U.S.-based facilities, with one in Fresno, California, and a second in Adel, Georgia. Both sites manufacture liquid and dry formulations, and their strategic locations mean CAF can ship same day to key growing regions on both the East and West Coasts and to the Central U.S.
“We are pleased to have Custom Ag Formulators join ICL and bring their expertise to our customers in the U.S.,” said Elad Aharonson, president of ICL Growing Solutions. “This acquisition helps further the growth of our global Growing Solutions business, by enabling us to meet the distinctive needs of local growers through our existing distribution partners. It also allows us to address the specific requirements of farmers across the growing regions of the West Coast and the Southeast, where crops – and their nutritional needs – can vary greatly.”
ICL shares fell 31 cents, or 6.7%, to $4.31.
Related Stories
