ICL Signs Strategic Partnership Agreement with General Mills

Rhea-AI Summary

ICL (NYSE: ICL), a global specialty minerals company, has entered a long-term agreement with General Mills to supply specialty phosphate solutions starting June 2023. This partnership will initially focus on North America, with potential for international expansion. Both companies are committed to leveraging their expertise to enhance product quality and innovation.

ICL aims to address sustainability challenges in food and agriculture, employing over 12,500 people and generating approximately $7 billion in revenue in 2021.

Positive

• Long-term agreement with General Mills enhances ICL's market position.
• Potential for international expansion of supply operations.
• Collaboration on research and development for product innovation.

Negative

• None.

TEL AVIV, Israel--(BUSINESS WIRE)-- ICL (NYSE: ICL) (TASE: ICL), a leading global specialty minerals company, today announced it will be the strategic specialty phosphate solutions supplier to General Mills. The long-term agreement will begin in June of 2023 and will initially be focused on supply in North America, with the potential for international expansion.

“Our focus is always on the customer and on delivering best-in-class product, quality and service. We’re pleased General Mills appreciates our efforts and is also dedicated to providing best-in-class products to their customers,” said Phil Brown, president of ICL Phosphate Specialties and managing director of North America for ICL. “We’re looking forward to working with their R&D team to find new ways to support their product development and are excited to turn to our global innovation team for support.”

“As part of our strategy to develop long-term partnerships with key suppliers, we’re excited to work with ICL and leverage their technical expertise to support our business growth plans,” said Sebastiao Pinho, global sourcing director for General Mills.

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/20230111005199/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 the new agreement between ICL and General Mills?

ICL has signed a long-term agreement to supply specialty phosphate solutions to General Mills starting in June 2023.

When does the ICL and General Mills partnership start?

The partnership will commence in June 2023.

What are the potential benefits of the ICL and General Mills agreement?

The agreement could lead to enhanced product quality, innovation, and opportunities for international expansion.

What is ICL's revenue for 2021?

ICL reported approximately $7 billion in revenue for 2021.

What markets does ICL operate in?

ICL operates in food, agriculture, and industrial markets, focusing on sustainability.