ICL signed a new deal in China with a total financial scope of 170 million dollars

The ICL company controlled by businessman Idan Ofer signed a new deal in China today with a total financial scope of 170 million dollars. As part of the deal, ICL will supply soluble fertilizers to the largest distribution company in China, which is good news for the company and investors.
The company's data shows that the agreement includes the supply of special soluble fertilizers that are applied through drip irrigation and are intended for high-profit crops, including apples, watermelons, vegetables, strawberries, ginger and grapes. The agreement between the companies includes the purchase of a minimum amount of products and there is a certain exclusivity depending on the brand or region in China.
ICL says that the growing demand for specialty fertilizers in China reflects the increase in high-profit crops in the region, thanks to the high return on investment that these crops provide. The methods of agricultural cultivation in China have undergone changes in recent years, among other things due to the extreme changes in the weather, multiplicity of forms and a dwindling workforce. Against this background, there has been a significant increase in the adoption of the drip irrigation method, and the demand for special soluble fertilizers makes China the largest irrigation fertilization market in the world.
We will remind you that recently the company launched a unique solution for dispersing phosphate and potassium that was specially designed for use by drones, which are a thriving agricultural sector in China.
Elad Aharonson, president of the Growing Solutions division at ICL, stated: "Our soluble fertilizer products are considered market leaders in China, which is a strategic market for us, and this agreement with Holdings AMP will further strengthen ICL's position in the premium segments of the specialty fertilizer market in China. We appreciate AMP's decision, as one of the leading distribution companies in China, to continue to choose ICL as a partner and your recognition of our expertise in specialty fertilizers."
Ye Hong, CEO of AMP Holdings added: "We are pleased to expand our relationship with ICL and create a partnership that will bring special and innovative solutions to the Chinese market. Together, we help farmers maximize their investments and returns through the use of special irrigation-based fertilizers."