ICL Acquires Brazilian Biologicals Specialist Nitro 1000
ICL is to acquired Nitro 1000, a Brazilian manufacturer, developer and provider of biologicals for approximately $30 million.
Tel-Aviv, Israel headquartered ICL said that Nitro 1000 will immediately join its product portfolio, and the company will begin selling to its existing customer base in Brazil. Nitro 1000’s products are mainly aimed at soybean, corn and sugar cane crops, and their application replaces or optimizes the use of fertilizers. Biologicals stimulate natural processes to enhance or benefit nutrient uptake, nutrient use efficiency, abiotic stress tolerance, and crop quality and yield.
“We’re excited to merge Nitro 1000’s core expertise in biologicals manufacturing with ICL’s extensive R&D capabilities and innovation engine and to further execute against our stated strategy of continuing to invest in agriculture – specifically in Brazil,” said Elad Aharonson, president of ICL Growing Solutions.
According to ICL, increasing interest in alternatives to agrochemicals has created higher demand for biologicals solutions, and the agrochemical biologicals market is expected to grow at a 13.8% CAGR and reach $27.9 billion by 2028.
In Brazil, ICL currently has more than 1,700 employees, and the country represented approximately 20% of sales in 2023.
“We founded Nitro 1000 in 2007 and made the necessary investments to develop our products and reach this point on our journey,” said Iris Guindani, one of the founders of Nitro 1000, who will remain as head of operations. “This next phase will allow us to leverage ICL's resources, including its robust R&D capabilities, to develop additional new products and target adjacent end-markets,” Guindani added.
