The agreement with AMP Holdings covers specialty water-soluble fertilizers used in drip irrigation and designed for commercial crops.
Israeli Specialty Minerals Company LCI (TASE: LCI:NYSE: LCI) (formerly Israel Chemicals) today announced the signing of a five-year agreement with Chinese distribution company AMP Holdings Group. The agreement, valued at $170 million, will run through 2028 and advances ICL’s goal of expanding its growing solutions product offering and positioning the company for additional growth in key end markets.
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The agreement covers specialty water-soluble fertilizers used in drip irrigation for commercial 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 segment of the Chinese specialty fertilizer market,” said Elad Aharonson, President of ICL Growing Solutions. “We are pleased that AMP continues to choose ICL as their partner. We value our relationship with them and appreciate the recognition of our expertise in specialty soluble fertilizers by one of China’s leading agricultural distribution companies.”
Published by Globes, Israeli business news – fr.globes.co.il – August 28, 2024.
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ICL Credit: NYSE
