ICL announced that it has signed a letter of offer to acquire the Global Professional business (“Scotts’ Global Professional”) of The Scotts Miracle-Gro Company (NYSE: SMG) (“Scotts”), the world's largest marketer of branded consumer lawn and garden products.
The offering price is $270 million for the business, assets and shares of Scotts’ Global Professional business, subject to certain adjustments at closing. The proposed transaction includes the brands, products, employees, R&D resources associated with Scotts’ Global Professional business as well as Scotts’ Global Professional facilities, including three factories and three peat mines.
One of Scotts’ Global Professional’s key assets is its global technical sales and marketing force, which accounts for over 200 of its 340 employees, and its strong research and development capability. The business’s production plants are located in Holland, the UK and the US, and its peat mines are located in the UK.
Sitting (right to left): Akiva Mozes - ICL, President & CEO; Jim Hagedorn - The Scotts Company LLC, Chairman & CEO
Standing (right to left): Mike Kelty - The Scotts Company LLC, Vice Chairman; Yossi Shahar - ICL EVP Corporate Development; Yossi Zidon - ICL Specialty Fertilizers, Senior VP; Dani Chen - ICL Fertilizers, President & CEO