Specialty minerals and fertiliser maker Israel Chemicals (ICL) said it agreed to buy Hagesud Group, a German producer of spice blends and food ingredients for meat processing.
The transaction includes all of Hagesud's operating assets, including its existing business, production technology and warehouse facilities located in Hemmigen, Dortmund and Ottensoos, Germany with about 200 employees .Hagesud, ICL said, is well established in the premium spice and ingredient market.
"Our acquisition of Hagesud will provide our food specialties unit with an additional platform for growth and profitability," said Mark Volmer, chief executive of ICL Performance Products.
"Combining our resources will provide us with a stronger distribution network and cross-selling opportunities in a key market in which both companies are active, as well as in new markets," he said.
The purchase of Hagesud is aligned with ICL's strategy to continue growing over the next decade through acquisitions and other initiatives in the agriculture, food and engineered materials markets.