Israel Chemicals (ICL) has signed an agreement to acquire Germany-based spice blends and food ingredients maker Hagesued Group, for an undisclosed amount.
As part of acquisition, ICL will purchase Hagesued's existing business, modern production technology and warehouse facilities located in Hemmigen, Dortmund and Ottensoos, Germany with about 200 employees.
Hagesued will become part of ICL Food Specialties after completion of the deal.
The acquisition will enhance ICL's existing food specialties portfolio of functional ingredients and spice blends for the meat and poultry processing industries, and expand the customer offering.
Furthermore, Hagesued's modern production facilities, expertise in spice formulations and customer service will enhance ICL's position in the global meat processing market.
ICL Performance Products president and CEO Mark Volmer said that the acquisition will provide the company's food specialties unit with an additional platform for growth and profitability.
"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," Volmer added.
