The transaction includes all of the operating assets of the Hemmigen, Germany-based company, including Hagesüd's existing business, state-of-the-art production technology and warehouse facilities located in Hemmigen, Dortmund and Ottensoos, Germany, with about 200 employees. Hagesüd is well established in the premium spice & ingredient market.

ICL's purchase of Hagesüd is expected to complement its existing ICL Food Specialties' portfolio of functional ingredients and spice blends for the meat and poultry processing industries, combine know-how and strong brands and expand the customer offering to include tailored formulations that provide unique flavors with texture- and stability-influencing ingredients. Hagesüd's modern production facilities, expertise in spice formulations and high level of customer service will complement and strengthen ICL's position in the global meat processing market.

The acquisition of Hagesüd fits ICL Food Specialties' growth strategy and is aligned with ICL's previously announced "Next Step Forward" strategy to continue ICL's growth over the next decade through acquisitions and other initiatives in the agriculture, food and engineered materials markets.

Mark Volmer, president and CEO of ICL Performance Products, emphasized, "Our acquisition of Hagesüd will provide our Food Specialties unit with an additional platform for growth and profitability. Our respective sales and marketing organizations are similarly focused on customizing innovative products for the global meat industry. 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."