ICL Group Ltd. announced it has acquired Nitro 1000, a manufacturer, developer, and provider of biological crop inputs in Brazil, for approximately $30 million. The acquisition was completed at the beginning of this year, according to ICL’s Feb. 28 earnings statement.
ICL said Nitro 1000 will immediately join the ICL product portfolio as part of its Growing Solutions business segment, and ICL will begin selling to its existing customer base in Brazil. Nitro 1000 was founded in 2007. One of the company’s founders, Iris Guindani, will remain as head of operations.
Nitro
1000’s products replace or optimize the use of fertilizers, and mainly target
soybean, corn, and sugar cane crops. According to ICL, this not only helps
farmers increase profitability but also offers a more sustainable solution.
ICL said the acquisition marks “another meaningful step into the biologicals
market, while expanding ICL’s product offerings and positioning the company for
further expansions into new and adjacent end-markets.”
Increasing interest in alternatives to agrochemicals has created higher demand for biologicals, the company said, citing research by MarketsandMarkets, which sees the ag biologicals market growing at 13.8% CAGR and reaching $27.9 billion by 2028.
Elad Aharonson, President of ICL Growing Solutions, said the company is excited to merge Nitro 1000’s core expertise in biologicals manufacturing with ICL’s extensive R&D capabilities and innovation engine.
“This acquisition allows us to leverage our global Growing Solutions business to develop new products and technology, while benefitting from our existing production capacity and go-to-market strategy,” he said. “It will also enable us to continue to increase market share and leadership in Brazil specialty plant nutrition.”