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ICL Buys Nitro 1000 for $30M, Expands Biologicals Portfolio
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ICL Group Ltd. (ICL - Free Report) recently announced the acquisition of Nitro 1000, a Brazil-based manufacturer, developer and provider of biologicals, for roughly $30 million. This acquisition represents another significant step into the biologicals sector, boosting ICL's product range and placing the company for future expansion into new and adjacent end markets.
Nitro 1000 will be added to ICL's product portfolio immediately, and the company will start selling to its existing customers in Brazil. Nitro 1000's products are primarily intended for soybean, corn and sugar cane crops, and their use substitutes or optimizes the use of fertilizers. This not only helps farmers raise their profits, but also provides a more sustainable solution.
This acquisition enables ICL to use its global Growing Solutions business to develop new products and technology while benefiting from its current production capacity and go-to-market strategy. It will also allow the company to expand its market position and leadership in Brazil's specialty plant nutrition.
ICL’s Brazil agricultural business portfolio includes improved efficiency and gradual release fertilizers, micronutrients, secondary macronutrients, foliar fertilizers, physiological action products, seed treatments, soil conditioners, adjuvants and products for animal nutrition and industrial use. Nitro 1000's integration is expected to benefit considerably from the company's two recent successful acquisitions in Brazil — Compass Minerals' South American Plant Nutrition division and Fertilaqua — both completed in 2021.
Shares of ICL have lost 27.2% over the past year compared with a 35.3% decline of its industry.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
ICL currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks in the basic materials space include United States Steel Corporation (X - Free Report) , Carpenter Technology Corporation (CRS - Free Report) and Alpha Metallurgical Resources Inc. (AMR - Free Report) .
United States Steel carrying a Zacks Rank #1 (Strong Buy). X beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 54.8%. The company’s shares have soared 59.3% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.
Carpenter Technology currently carries a Zacks Rank #1. CRS beat the Zacks Consensus Estimate in three of the last four quarters while matching it once, with the average earnings surprise being 12.2%. The company’s shares have soared 27.1% in the past year.
The Zacks Consensus Estimate for AMR’s current-year earnings has been revised upward by 69% in the past 60 days. It currently carries a Zacks Rank #1. AMR delivered a trailing four-quarter earnings surprise of roughly 24.8%, on average. AMR shares are up around 105.5% in a year.
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ICL Buys Nitro 1000 for $30M, Expands Biologicals Portfolio
ICL Group Ltd. (ICL - Free Report) recently announced the acquisition of Nitro 1000, a Brazil-based manufacturer, developer and provider of biologicals, for roughly $30 million. This acquisition represents another significant step into the biologicals sector, boosting ICL's product range and placing the company for future expansion into new and adjacent end markets.
Nitro 1000 will be added to ICL's product portfolio immediately, and the company will start selling to its existing customers in Brazil. Nitro 1000's products are primarily intended for soybean, corn and sugar cane crops, and their use substitutes or optimizes the use of fertilizers. This not only helps farmers raise their profits, but also provides a more sustainable solution.
This acquisition enables ICL to use its global Growing Solutions business to develop new products and technology while benefiting from its current production capacity and go-to-market strategy. It will also allow the company to expand its market position and leadership in Brazil's specialty plant nutrition.
ICL’s Brazil agricultural business portfolio includes improved efficiency and gradual release fertilizers, micronutrients, secondary macronutrients, foliar fertilizers, physiological action products, seed treatments, soil conditioners, adjuvants and products for animal nutrition and industrial use. Nitro 1000's integration is expected to benefit considerably from the company's two recent successful acquisitions in Brazil — Compass Minerals' South American Plant Nutrition division and Fertilaqua — both completed in 2021.
Shares of ICL have lost 27.2% over the past year compared with a 35.3% decline of its industry.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
ICL currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks in the basic materials space include United States Steel Corporation (X - Free Report) , Carpenter Technology Corporation (CRS - Free Report) and Alpha Metallurgical Resources Inc. (AMR - Free Report) .
United States Steel carrying a Zacks Rank #1 (Strong Buy). X beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 54.8%. The company’s shares have soared 59.3% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.
Carpenter Technology currently carries a Zacks Rank #1. CRS beat the Zacks Consensus Estimate in three of the last four quarters while matching it once, with the average earnings surprise being 12.2%. The company’s shares have soared 27.1% in the past year.
The Zacks Consensus Estimate for AMR’s current-year earnings has been revised upward by 69% in the past 60 days. It currently carries a Zacks Rank #1. AMR delivered a trailing four-quarter earnings surprise of roughly 24.8%, on average. AMR shares are up around 105.5% in a year.