Israel Chemicals offers to buy Scotts' Global Professional for $270 million
07 Dec 2010
Israel Chemicals Ltd (ICL), one of the world's leading fertiliser and specialty chemical companies, today said that it will acquire a unit of Scotts Miracle-Gro Co, the world's largest marketer of branded consumer lawn and garden products, for $270 million.
Tel Aviv-based ICL has offered to acquire the Global Professional business (Scotts' Global Professional) of The Scotts Miracle-Gro Company, which sells specialty fertilisers, growing media and plant protection products to commercial nurseries, greenhouses and specialty crop growers in the Americas, EMEA and the Far East.
Scotts' Global Professional's products include a broad line of proprietary high-quality controlled-release fertilisers, slow release fertilisers, water-soluble fertilisers, plant protection products, wetting agents, growing media and grass seeds sold under well-known brand names, including Osmocote, Sierrablen, Peters Professional and others.
One of Scotts' Global Professional's key assets is its global technical sales and marketing force, which accounts for over 200 of its 340 employees, and its strong research and development capability.
The business's production plants are located in Holland, the UK and the US, and its peat mines are located in the UK.
Ohio, US-based Scotts' Global Professional had revenues of $242 million for its fiscal year ended 30 September 2010, and its pro forma EBIDTA was $31.4 million.