Moroccan fertiliser group OCP to take 50% stake in Spain’s GlobalFeed
RABAT, Sept 26 (Reuters) - Moroccan phosphates and fertilisers producer OCP said on Monday it signed a deal to acquire 50% of GlobalFeed, a subsidiary of Spain's Fertinagro Biotech, as it seeks to diversify into animal feed.
GlobalFeed operates in the area of phosphates-based animal nutrition and has a business in Huelva in southern Spain, OCP said.
"This acquisition confirms OCP's objective to diversify its phosphate solutions and become a leading player in the animal nutrition sector, addressing growing demand and expanding its offerings to speciality sustainable and customised products" it said.
State-owned OCP, one of the world's biggest fertiliser companies, gave no further details about the transaction, including on the value of the deal.
OCP reported a 72% year-on-year increase in its first half revenue to 56 billion dirhams ($5.67 bln) on the back of higher prices and growing demand in the international market.
Its net profit tripled to 23 billion dirhams ($2.3 bln) over the same period. (Reporting by Ahmed Eljechtimi. Editing by Jane Merriman)
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