Israel Chemicals Limited has finalized acquisition of Mexican specialty chemical and functional food ingredients maker, Cosmocel Quimica, it said in a statement Tuesday.
Financial details of the deal were not released, but industry experts estimated the company paid $30 million-40 million for the Mexican firm.
This is Israel Chemicals' third acquisition this year.
The company bought Spanish fertilizer Antonio Fuentes Mendez in April and completed acquisition of US-based Scotts' Global Professional business in March. The Israeli chemical company is also investing in expanding its Spanish potash operations.
Cosmocel Quimica is a subsidiary of Monterey-based Cosmocel, a private manufacturer of specialty chemicals as well as food additives.
"Through this acquisition, ICL Performance Products is expanding our reach in the food, beverage and specialty chemical markets," said ICL Performance Products president and CEO Charles Weidhas. The acquisition reinforces Israel Chemicals' position as a global leader in the phosphates and food ingredient industry, he added.
Cosmocel Quimica has an extensive sales and distribution network in Mexico, Central and South America.
