Israel Chemicals Ltd. (ICL), a multinational fertilizer and specialty chemicals company, announced it has completed the acquisition of the business and assets of Astaris LLC, a U.S. manufacturer and marketer of specialty phosphates. The closing followed the receipt of all required regulatory approvals and satisfaction of other conditions. Deutsche Bank Securities Inc. acted as sole financial advisor to ICL on this transaction.
“Astaris is a North American leader in specialty and food phosphoric acid and phosphate salts that was formerly a joint venture between FMC Corporation and Solutia Inc. with revenues of approximately $350 million per year in 2004, 570 employees and manufacturing facilities in the U.S. and Brazil,” a press release noted. After the acquisition, Astaris will operate under the name of ICL Performance Products LP and will be “a key component in ICL's global Performance Products business segment.” The addition of Astaris' business is considered highly complementary to ICL's specialty phosphate activities in Israel, Europe, Asia and South America.