Israel Chemicals Ltd. (ICL) has announced that ICL Performance Products, one of its four operating segments, has agreed to acquire the assets of Adicon Industria E Comercio De Aditivos Ltda, a privately owned Brazilian manufacturer and supplier of functional food additives for the meat industry. The deal is being carried out through ICL Performance Products' business unit Food, a producer and distributor of food additives, which plans to merge Adicon with another of its companies active in the Brazilian food additive market.
Established in 1965, Adicon is recognized as a quality supplier and operates from state-of-the-art facilities located in Sao Paolo. Sales of Adicon's products, primarily used by Brazil's meat processing industry, have been rising steadily during the past several years, reaching an annual run-rate of approximately 23 million Brazilian Real (approximately $9.5 million). The increase reflects the rise in worldwide consumption of processed meat products, which works to the benefit of Brazil's meat industry, the third largest meat exporter in the world.