ICL Pioneers Sustainable Citrus Fruit Preservation with FruitMag

Rhea-AI Summary

ICL has introduced FruitMag, a mineral-based, fungicide-free post-harvest treatment for citrus fruits. Developed in collaboration with the Volcani Institute, this innovation aims to enhance citrus quality by reducing toxic materials and minimizing product losses, thereby increasing shelf life. President Yaniv Kabalek emphasized the importance of sustainability in addressing consumer safety and agricultural challenges. ICL is recognized for creating solutions in food and agriculture sectors, generating approximately $7 billion in revenue in 2021.

Positive

• Launch of FruitMag as a sustainable and innovative solution for citrus fruit treatment.
• Collaboration with the Volcani Institute enhances credibility and effectiveness of FruitMag.
• Focus on sustainability could strengthen market position and consumer appeal.

Negative

• None.

Magnesia-based product provides a natural solution for improved citrus quality

TEL AVIV, Israel--(BUSINESS WIRE)-- ICL (NYSE: ICL) (TASE: ICL), a leading global specialty minerals company, has announced the launch of FruitMag, a sustainable and superior solution for post-harvest citrus fruit treatment. This innovative offering is mineral-based and fungicide free, unlike the products currently used by the global citrus fruit industry. By using a food-grade magnesia product, ICL is able to eliminate toxic materials and reduce product losses, while increasing shelf life.

FruitMag was put through rigorous testing, through a collaboration with the Volcani Institute (Agricultural Research Organization ARO), the research arm of the Israeli Ministry of Agriculture. Professor Samir Droby, a senior research scientist leading the Department of Postharvest Science – and an expert in the development and application of alternative methods for the control of postharvest diseases – worked with ICL to validate the performance of FruitMag.

“Very few consumers know the lemons, oranges and grapefruits sitting in their kitchens have been treated with a toxic fungicide,” said Yaniv Kabalek, president of Industrial Products for ICL. “With FruitMag – one of a series of solutions designed by ICL to address sustainability challenges – ICL has made it possible to reduce product loss, with greater efficacy and in a more sustainable manner.”

About ICL

ICL Group Ltd. is a leading global specialty minerals company, which creates impactful solutions for humanity's sustainability challenges in the food, agriculture and industrial markets. ICL leverages its unique bromine, potash and phosphate resources, its global professional workforce, and its sustainability focused R&D and technological innovation capabilities, to drive the company's growth across its end markets. ICL shares are dual listed on the New York Stock Exchange and the Tel Aviv Stock Exchange (NYSE and TASE: ICL). The company employs more than 12,500 people worldwide, and its 2021 revenues totaled approximately $7 billion.

For more information, visit ICL's website at www.icl-group.com.

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Forward Looking Statements

This announcement contains statements that constitute forward-looking statements, many of which can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “estimate” and “potential,” among others.

Forward-looking statements appear in this press release and include, but are not limited to, statements regarding the company’s intent, belief or current expectations. Forward-looking statements are based on management’s beliefs and assumptions and on information currently available to management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including, but not limited to: estimates, forecasts and statements as to management's expectations with respect to, among other things, business and financial prospects, financial multiples and accretion estimates, future trends, plans, strategies, positioning, objectives and expectations, general economic, market and business conditions, supply chain and logistics disruptions, energy storage and electric vehicle growth, the potential for new COVID-19 variants, global unrest and conflict, governmental and regulatory requirements and actions by governmental authorities, including changes in government policy, changes in environmental, tax and other laws or regulations and the interpretation thereof. As a result of the foregoing, readers should not place undue reliance on the forward-looking statements contained in this press release concerning the timing of the transaction, or other more specific risks and uncertainties facing ICL, such as those set forth in the “Risk Factors” section of its Annual Report on Form 20-F filed on February 23, 2022, as such risk factors may be updated from time to time in its Current Reports on Form 6-K and other filings ICL makes with the U.S. Securities and Exchange Commission from time to time.

Forward-looking statements refer only to the date they are made, and the company does not undertake any obligation to update them in light of new information or future developments or to publicly release any revisions to these statements in order to reflect later events or circumstances or to reflect the occurrence of unanticipated events.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221202005301/en/

Investor and Press Contact – Global

Peggy Reilly Tharp

VP, Global Investor Relations

+1-314-983-7665

Peggy.ReillyTharp@icl-group.com

Investor and Press Contact - Israel

Adi Bajayo

ICL Spokesperson

+972-3-6844459

Adi.Bajayo@icl-group.com

Source: ICL Group LTD

FAQ

What is FruitMag by ICL?

FruitMag is a mineral-based post-harvest treatment for citrus fruits, designed to improve quality without toxic fungicides.

How does FruitMag improve citrus quality?

FruitMag helps reduce product losses, increases shelf life, and eliminates toxic materials in citrus treatments.

What are the financials of ICL?

ICL reported approximately $7 billion in revenue for the year 2021.

Who collaborated with ICL for FruitMag?

The development of FruitMag was in collaboration with the Volcani Institute, a research arm of the Israeli Ministry of Agriculture.

Is FruitMag environmentally friendly?

Yes, FruitMag is marketed as a sustainable and eco-friendly alternative to traditional fungicides.