About ICL Group Ltd

ICL Group Ltd. (ICL) operates as a 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. The company’s operations are organized under four segments: Industrial Products (Bromine), Potash, Phosphate Solutions and Growing Solutions. The company’s principal assets include: Access to one of the world’s richest, longest-life and lowest-cost sources of potash and bromine (the Dead Sea). A potash mine and processing facilities in Spain. Bromine compounds processing facilities in Israel, the Netherlands and China. A unique integrated phosphate value chain that extends from phosphate rock mines in Israel and in China to value-added downstream products produced in facilities located in Israel, Europe, the U.S., Brazil, and China. The company’s specialty phosphates serve the food industry by providing texture and stability solutions to the meat, meat alternatives, poultry, sea food, dairy and bakery markets, as well as numerous other industrial markets, such as metal treatment, water treatment, oral care, carbonated drinks, asphalt modification, paints and coatings and more. Polysulphate resources in the United Kingdom. Customized, highly effective specialty fertilizers that provide improved value to the grower, as well as essential nutrition for plant development, optimization of crop yields and reduced environmental impact. A focused and highly experienced team of technical experts that develop production processes, new applications, formulations and products for the company’s agricultural and industrial markets. A strong crop nutrition sales and marketing infrastructure that optimizes distribution channels of commodity, specialty and semi-specialty fertilizers by leveraging its commercial excellence, global operational efficiency, region-specific knowledge, agronomic and R&D capabilities, logistical assets and customer relationships. Research & Development and Innovation: The company benefits from its proximity to Israel’s global-leading high-tech and agri-tech eco-system, as well as the company’s vast agronomy and chemistry knowledge that the company has accumulated over decades. The company’s extensive global R&D infrastructure includes 23 R&D and Innovation centers around the world that employ 300 highly experienced personnel who have obtained 770 patents in 220 patent families. ICL's R&D unit supports the development of new, innovative products, applications and formulations for each of the company’s operating segments through internal research, employee ideation and collaborative research with third parties. An extensive global logistics and distribution network with operations in over 30 countries. A leading distribution network of specialty plant nutrition in Brazil. Markets and Industries The company’s integrated business model is mainly structured around three mineral value chains – bromine, potash and phosphate. These minerals are the main raw materials for most of the value-added downstream products in the company’s Company’s portfolio. The company’s operations are organized under four reporting segments: Industrial Products (bromine), Potash, Phosphate Solutions and Growing Solutions. The segments represent a specific value chain, and the company are a leader in each of these segments – either in terms of market share or cost competitiveness. The company’s Industrial Products segment primarily operates the bromine value chain, which includes elemental bromine and bromine compounds for various industrial applications. This segment also operates several complementary businesses, mainly phosphorous-based flame retardants and additional Dead Sea minerals for the pharmaceutical, food, oil and gas, and de-icing industries. The Potash segment operates the company’s potash value chain and includes primarily potash fertilizers and the magnesium business, a byproduct of potash production, which produces and sells pure magnesium and magnesium alloys, as well as chlorine and sylvinite. The Phosphate Solutions segment is based on the company’s phosphate value chain. It includes specialty phosphate salts and acids for various food and industrial applications, as well as commodity phosphates, which are used mainly as fertilizers. The fourth segment, Growing Solutions, includes the company’s specialty fertilizers business. The company are focused on expanding and strengthening the company’s Growing Solutions offerings, by maximizing its existing capabilities and agronomic expertise. The company’s stated strategy calls for expansion and global diversification through opportunistic M&A and, accordingly in 2022, the company integrated the 2021 acquisitions of Fertiláqua, a Brazilian specialty crop nutrition company, and the South American Plant Nutrition business from Compass Minerals (ADS). Both acquisitions have helped position ICL as the leading specialty plant nutrition company in Brazil and balance segment seasonality. Industrial and Food Markets The company’s Industrial Products segment and specialty phosphates business serve various industrial and food markets. Industrial Products Bromine, a member of the halogen family, is found naturally in seawater, underground brine deposits and other water reservoirs, such as the Dead Sea. Bromine concentration and extraction methods vary depending upon the source. The lower the concentration of bromine in the brines, the more difficult and expensive it is to extract. The Dead Sea, which spans Israel and Jordan, is the world’s premier source of bromine and accounts for approximately half of global supply. The Dead Sea is also the most competitive source of bromine, as it has the highest concentration, which means the least amount of water must be extracted and evaporated to produce bromine, resulting in lower energy costs. ICL's bromine solutions are found in numerous products and make consumer goods safer and industrial production more efficient and sustainable. The largest commercial use of bromine is in flame retardants, which are used by the electronics and components, automotive (including electric vehicles – EVs), building and construction, as well as furniture and textiles end-markets. Bromine and its derivatives are also used in various other industrial applications, including rubber production, oil and gas drilling, water purification, and in the pharmaceutical and food industries. Specialty Phosphates The company’s specialty phosphates business is part of the company’s Phosphate Solutions segment and is focused on developing products for the food and industrial end-markets. These products are centered around the company’s vertical integration into phosphate rock and fertilizer-grade phosphoric acid, also known as green phosphoric acid, which undergoes a chemical process to become purified phosphoric acid, also referred to as white phosphoric acid (WPA). As part of its value-add proposition, the company produces and markets purified acids and phosphate salts, in addition to commodity phosphates. In the food industry, phosphate salts are used as functional food ingredients and provide texture and stability solutions for the processed meat, poultry, seafood, dairy, beverage, and bakery industries. On the industrial side, ICL's specialty phosphates are found in water and metal treatment supplies, cleaning and construction materials, paints and coatings, and more. Specialty phosphates are also found in cola beverages and oral care products. ICL holds a leading position in specialty phosphates in Europe, North America and Latin America. Agriculture Markets Fertilizers The company’s potash and phosphate commodity fertilizers, FertilizerpluS, and specialty fertilizers businesses serve agriculture markets worldwide. Strategy The company’s strategy is to strengthen or achieve leadership position in each of the company’s business segments - either in terms of market share, value added, or cost competitiveness – and to grow the company’s businesses to create shareholder value. The company does this by leveraging its unique assets and strategic locations; by maximizing the company’s knowledge of agronomy, chemistry, and customer requirements; and by taking advantage of the company’s access to Israel’s leading innovation and technology ecosystem. The company has identified several growth engines, including: Agriculture – The company intends to build global leadership by developing and expanding its portfolio of essential and advanced crop nutrition products, digital solutions and integrated services, enabling farmers to increase yields and provide for the ever-growing nutritional needs of the world. The company’s growth in agriculture is driven by innovation, investment in increasing capacity and M&A, and it is supported by the increasing demand for organic fertilizers, micronutrients, bio stimulants and other specialty fertilizer solutions, focusing on growing markets. Food – The company intends to strengthen its global leadership position in phosphate specialties solutions food security, focusing on shelf-life, sodium reduction, textures, and reduction of food waste. the company also expects to capitalize on other sustainability driven food tech opportunities, such as the alternative protein market, by focusing on food technologies and innovation, and by increasing capacity for food grade solutions. Growth will be achieved both organically and through M&A. Industrial – The company intends to strengthen its global leadership in bromine, and phosphate-based specialties solutions, by focusing on long term customer relationships and by capitalizing on new market opportunities. Growth will be supported by expanded R&D and business development activities for new and sustainable bromine, phosphate and phosphorous-based applications, as well as investment in additional capacity, including for EVs. The company’s integrated business model creates significant operational synergies, which are derived from a combination of the company’s unique assets and wide array of value-added solutions. Industrial Products ICL’s global leadership in the bromine industry is driven by the company’s focus on delivering value to its customers rather than increasing volume. The company generates more value by leveraging the company’s unique assets and know-how. The company also employs targeted innovation, for the development of new applications, such as new bromine and phosphorus-based flame retardants, magnesia and salt products, as well as other solutions. ICL leverages its unique logistical advantages and unparalleled experience related to the safety and environmental aspects of its Industrial Products business. Potash ICL leverages its well-positioned potash assets, and unique logistical advantages, to be among the three most competitive suppliers in the company’s key target markets, including Brazil, Europe, India, South-East Asia and China. Phosphate Solutions ICL is a global leader in providing phosphate-based solutions to the industrial, food and agriculture end-markets. The company’s strategy is to continue to grow in these markets by increasing the company’s focus on specialty phosphate solutions and other food tech solutions, based on the company’s unique global footprint and long-term customer relationships, and by leveraging the company’s backward integration into the phosphate resources of ICL Rotem in Israel and YPH in China, as well as the company’s extensive know-how and innovation capabilities. The company continues to optimize the company’s production infrastructure to support growth and margin expansion. Growing Solutions ICL strives to create global leadership for Growing Solutions by enhancing its global positions in its core markets of specialty agriculture, ornamental horticulture, turf and landscaping, by targeting high growth markets, such as Latin America, India and China. The company leverages its unique R&D capabilities and seeks M&A opportunities, as the company works to expand its broad product portfolio of specialty plant nutrition products, including controlled release fertilizers (CRF), water soluble fertilizers (WSF), liquid fertilizers, slow-release fertilizers (SRF), straights (MAP/MKP/PeKacid), organic fertilizers, micronutrients, biostimulants, soil conditioners, adjuvants, seed treatment and growing media, to drive additional growth. The company is also developing a service portfolio focused on creating global and regional agri-professional solutions, by leveraging digital innovation. At ICL Boulby, the company focuses on ramping up the production of Polysulphate and developing the market for this unique fertilizer, as the world's first and sole supplier. Segments ICL is a leading multinational company that operates mainly in the areas of fertilizers and specialty minerals, through four segments – Industrial Products, Potash, Phosphate Solutions and Growing Solutions. Industrial Products segment The company’s Industrial Products segment produces bromine out of a solution as part of the potash production process in Sodom, Israel, as well as bromine-based compounds. Industrial Products uses most of the bromine it produces for self-production of bromine compounds at its production sites in Israel, the Netherlands and China. Industrial Products is also engaged in the production and marketing of phosphorous-based products. In addition, the segment produces several magnesia, calcium carbonate and salt products. Products Industrial Products focuses on three main sub-business lines: Flame retardants – Bromine, phosphorus and magnesium-based flame retardants are used in electronics, building and construction, automotive, textile and furnishing applications. Flame retardants are added to plastics, textiles and other combustible materials to prevent or inhibit fire or flames and to prevent the spread of fire. Industrial solutions – Elemental bromine, bromine compounds and phosphorus compounds are used in a number of industries worldwide, such as: rubber, pharmaceuticals, electricity, agro and polyester (to produce plastic fabrics and bottles). Clear brine fluids are used to balance pressure in the oil and gas drilling industry. Bromine-based biocides are used for treating industrial water. Specialty minerals – Specialty minerals include magnesia, calcium carbonate and salt products. The main applications of magnesia products are dietary supplements and pharma, oil and fuel additives, catalysts and many other small applications. The calcium carbonate main applications are dietary supplements and pharma. The salts include sodium chloride, magnesium chloride and KCl, which are mainly used for the food industry, oil drilling, deicing (MgCl2) and various industrial applications. Due to the uniqueness and high quality/purity of the company’s products, most of the company’s sales are to niche markets. Industrial Products also develops innovative products and new applications for existing products. New products introduced in recent years include, among others: bromine compounds for energy storage (electrolyte solutions used in flow batteries); VeriQuelR100 (a phosphorus-based reactive flame retardant for rigid polyisocyanurate and polyurethane spray foam); the company’s innovative Bromoquel (replacing ammonia and other chemicals as more flexible and effective treatment in case of bromine leakage), CareMag D, a new natural raw material for deodorants; CDA, for biofilm sustainable, non-toxic treatment that reduces or replaces the use of toxic biocide standard treatment; and FruitMag, a magnesia-based product which serves as firming agent for post-harvest treatments to increase the shelf life of citrus fruits. Production The company’s Industrial Products segment's major manufacturing facilities are located in Israel (production of bromine, bromine compounds, magnesia and salts products), the Netherlands (bromine compounds), Germany (phosphorus compounds), France (magnesia and calcium carbonate-based products), the U.S. (phosphorus compounds) and China (bromine compounds). In 2022, ICL produced approximately 178 thousand tonnes of elemental bromine out of potential annual maximum production capacity of approximately 280 thousand tonnes. Approximately 78% of the elemental bromine produced is used internally for the production of bromine compounds. The company increased the capacity of several major bromine compounds, including production at the company’s new TBBA plant at the Neot Hovav site in Israel and other. Moreover, the company is increasing its fleet of bromine Isotanks to meet growing market needs. Competition ICL Industrial Products is the world's largest manufacturer of elemental bromine. ICL’s two main competitors are Albemarle and Lanxess. Sales, Marketing and Distribution Industrial Products’ principal markets are the U.S., Western Europe, China, Korea, Japan, and Taiwan. Industrial Products sells its products primarily through a network of marketing companies, while a smaller portion of sales is conducted through agents and distributors throughout the world. Seasonality Industrial Products’ operations are not characterized by seasonal fluctuations. However, sales of some of its products do fluctuate between seasons. Agricultural products are characterized by relatively high sales in the second and third quarters. MgCl2 for de-icing sales are characterized by relatively higher sales in the first and fourth quarters (year ended December 2022). Potash segment The company’s Potash segment produces and sells mainly potash, salts, magnesium, and electricity. Potash is produced in Israel and Spain using an evaporation process to extract potash from the Dead Sea at Sodom, Israel, and conventional mining from an underground mine in Spain. The segment also includes the production and sale of pure magnesium and magnesium alloys, as well as the production and sale of chlorine. In addition, the segment sells salt products produced at its potash site in Spain. The segment operates a power plant in Sodom that supplies electricity to ICL companies in Israel (surplus electricity is sold to external customers) and steam to all facilities at the Sodom site. Products The company sells potash for direct application as a fertilizer and to compound fertilizer manufacturers. Production The company produces potash from the Dead Sea and an underground mine in Spain. The company’s potash production process in Israel is based on carnallite extraction. The carnallite, a compound of potassium chloride (KCl) and magnesium chloride mixed with sodium chloride (NaCl), precipitates in some of the largest solar evaporation ponds in the world. The carnallite is transferred to ICL Dead Sea plants, where a chemical and physical process breaks down the carnallite crystal into potash using cold crystallization and hot leach technologies. In Spain, the company extracts potash by mining sylvinite in an underground mine. Sylvinite is a mixture of varying potash concentrations (KCl) and salt (NaCl), separated by a flotation process at the company’s production plants near the mine. In 2022, the company’s potash business produced approximately 4.7 million tonnes of potash. The company’s potential annual production capacity of potash, once the company completes the expansion in its Spanish site, is expected to be about 5 million tonnes. The potential production capacity of the company’s various plants is based on the hourly output of the plants, multiplied by potential hours of operation per year. Competition ICL’s significant competitors in the international potash market are Nutrien (Canada), Belaruskali (Belarus), Mosaic (the U.S.), Uralkali (Russia), K+S (Germany), QSL (China), EuroChem (Russia), APC (Jordan) and SQM (Chile). Sales, Marketing, and Distribution The primary markets of the company’s Potash business are Brazil, China, India, Europe, and the U.S. The company’s Potash segment sells its fertilizer products primarily via a network of ICL sales offices and through agents worldwide. In March 2022, ICL signed a new long-term supply agreement with Indian Potash Limited (IPL) for 2022-2027. Seasonality The seasonal nature of demand for the company’s Potash businesses products is usually characterized by higher sales in the second and third quarters. Additional Products The Potash segment produces and sells additional products, such as magnesium-based products, dehydrated carnallite, chlorine, salt, electricity surplus (produced in Israel), and more. Magnesium The Potash segment includes magnesium production, operated by Dead Sea Magnesium Ltd., the largest magnesium producer outside China and the U.S. The magnesium business produces, markets, and sells pure magnesium, magnesium alloys, and dry carnallite. Phosphate Solutions segment The Phosphate Solutions segment (hereinafter, the segment) is based on a phosphate value chain which uses phosphate commodity products, such as phosphate rock and fertilizer-grade phosphoric acid (‘green phosphoric acid’), to produce specialty products with higher added value. The segment also produces and markets phosphate-based fertilizers. The strategy of the segment is to be a leading provider of value-added specialty solutions based on phosphate for the industrial, food and agriculture markets. Products The Phosphate Solutions segment produces a variety of products based on its backward integrated value chain. ICL's phosphate rock is mined and processed from open pit mines and undergoes a beneficiation process, after which high-grade multi-purpose phosphate products are created. The segment manufactures various types of fertilizers (PK products, GSSP, GTSP and others) for different uses. The segment manufactures purified phosphoric acid by purifying green phosphoric acid. Purified phosphoric acid and green phosphoric acid are used to manufacture downstream products with high added value, such as phosphate salts and acids for a wide range of food and industrial applications. Phosphate salts and acids are used in various industrial end markets, such as oral care, cleaning products, paints and coatings, water treatment, asphalt modification, construction, metal treatment, energy storage solutions and others. The segment's products for the food industry include functional food ingredients and phosphate additives which provide texture and stability solutions for processed meat, meat alternatives, poultry, seafood, dairy, beverage and baked goods. In addition, the segment supplies purified phosphoric acid to the company’s Growing Solutions segment, provides innovative alternative protein solutions for meat substitute products, and also produces milk proteins and whey proteins for the food ingredients industry. The segment owns, develops and commercializes proprietary technologies that support the production of allergen-free plant-based structured protein systems, called ROVITARIS, targeting the fast-growth plant-based meat alternative market. In October 2022, ICL announced that it plans to build a lithium iron phosphate (‘LFP’) cathode active material manufacturing plant in St. Louis, Missouri. This is expected to be the first large-scale LFP material manufacturing plant in the U.S. Production The Phosphate Solutions segment has a developed production process that includes phosphate rock mining, along with production and purchase of different grades of phosphoric acid, to produce specialties products and commodities at different facilities around the world. Phosphate rock is mined and processed from open pit mines located in the Negev Desert in Israel and in the Yunnan Province in China. The segment produces sulphuric acid, green phosphoric acid and phosphate fertilizers at its facilities in Israel and China. Specialty products are manufactured at the segment's facilities in Germany, the U.S., Israel, Brazil, China, the U.K. and Australia. These facilities enable the segment to produce customer-specific solutions that meet the requirements of different markets. Additionally, the Phosphate Solutions segment produces milk and whey proteins for the food ingredients industry at its facility in Austria. Competition The main phosphate fertilizers producers who compete with ICL in the global TSP market include Office Chérifien des Phosphates (OCP Group in Morocco), Polyserve (Egypt), El Nasr Co. for Intermediate Chemicals (NCIC in Egypt), Groupe Chimique Tunisien (GCT in Tunisia), Grupo Fertinal (Mexico), Agropolychim, (Bulgaria), Lebanon Chemical Company, and various Chinese producers. The primary competitors of the segment in the chemical and food fields are Chemische Fabrik Budenheim KG, Innophos Inc., Prayon S.A, Nutrien, Adithya Birla, Haifa Chemicals Ltd., FOSFA and various Chinese producers. Sales, Marketing and Distribution The Phosphate Solutions segment sells and markets its products worldwide. The primary markets of phosphate commodities products include China, Europe, Brazil, the U.S., and Israel. Phosphate specialties products are primarily marketed to industrial, food and commercial customers in Europe, North America, Asia, South America and Australia. The marketing network is based mainly on a marketing and sales organization and, to a lesser extent, on external distributors and sales agents. The segment transports its commodity and acids products from Israel to customers overseas by bulk vessels that it charters in the global marine transportation market. These vessels are loaded at designated facilities in the ports of Ashdod on the Mediterranean Sea and Eilat on the Red Sea. The segment also operates special port facilities for bulk loading in the Netherlands and in Germany. YPH sells most of its products in China and provides a logistical solution for marine shipping outside of China as well. Seasonality The seasonal nature of demand for phosphate commodities products is usually characterized by higher sales during the second and third quarter of the year. Growing Solutions segment The company’s Growing Solutions segment intends to achieve global leadership in specialty fertilization markets by enhancing its global positions in its core markets of specialty agriculture, FertilizerpluS and ornamental horticulture, turf, and landscaping; targeting high-growth markets, such as Brazil, India and China; leveraging its unique R&D capabilities, vast agronomic experience, global footprint, backward integration to potash and phosphate and chemistry know-how; and by integrating and generating synergies from businesses that it has recently acquired. The company continuously works to expand its broad portfolio of specialty plant nutrition, plant stimulation and plant health solutions, which consists of enhanced efficiency and controlled release fertilizers (CRF), water soluble fertilizers (WSF), liquid fertilizers and straights (MKP/MAP/PeKacid), soil and foliar micronutrients, secondary nutrients, bio-stimulants, soil conditioners, seed treatment products and adjuvants. The Growing Solutions segment develops, manufactures, markets, and sells fertilizers based primarily on nitrogen, potash (potassium chloride), and phosphate. It produces water soluble specialty fertilizers in Belgium, Israel, and Spain, liquid fertilizers in Israel, Spain, and Brazil, straight soluble fertilizers in China and Israel, controlled release fertilizers in the Netherlands, Brazil, and the U.S., as well as secondary nutrients, bio-stimulants, soil conditioners, seed treatment product, and adjuvants in Brazil. ICL's specialty fertilizers business markets its products worldwide, mainly in Europe, Asia, North America, Brazil, and Israel. The company’s Specialty Fertilizers business operates in 3 main markets: Specialty Agriculture This market includes high-value agricultural crops, such as fruits and vegetables. Enhanced efficiency fertilizers are used and applied mainly to these crops. The use of specialty fertilizers in row crops, such as sugar cane, corn, and wheat can also be beneficial – subject to climate and soil conditions. One of the main markets for ICL is related to the growing drip irrigation/fertigation market, as the use of drip irrigation systems increases across the globe, mainly in emerging markets, such as China and India. FertilizerpluS FertilizerpluS is ICL's premium fertilizers line, based mainly on polyhalite (marketed by the company as Polysulphate) and other products. FertilizerpluS products, which include compounds of phosphorus, sulphur, potassium, magnesium, and calcium, are tailored for various types of soil and a wide range of crops and are intended to enhance crop value by improving yields and increasing fertilizer uptake. See below a list of products that are included in the FertilizerpluS line. Polyhalite is a mineral exclusively mined by ICL through the company’s Potash segment in an underground mine (ICL Boulby) located in North Yorkshire in the U.K. and is marketed under the brand name Polysulphate. Polysulphate is used in its natural form as a fully soluble and natural fertilizer, which is also used for organic agriculture, and as a raw material to produce fertilizers. Polysulphate is composed of sulphur (SO3 48%), potash (K2O 14%), calcium (CaO 17%), and magnesium (MgO 6%), which are essential components for the improvement of crops and agricultural products. Polysulphate is the basis for many of the company’s Company's FertilizerpluS products. The company considers Polysulphate a unique product for ICL, synergistic with the company’s other raw materials for the purpose of developing downstream products. To develop downstream products, the company is expanding the Polysulphate market by means of, among other things, development of a wide variety of innovative Polysulphate-based products. Turf & Ornamental (T&O) Ornamental Horticulture The Ornamental Horticulture market consists of growers of outdoor ornamental plants (nurseries) and pot and bedding plants (greenhouses). The growers require high quality fertilization programs to grow plants at the quality level required by garden centers, DIY (Do It Yourself) outlets and retail chains. The Growing Solutions segment has a large, specialized sales force that advises growers on the optimal nutrition of plants. It also has a specialized distributor network in the Ornamental Horticulture market. The Segment’s main product lines for this market are CRFs (controlled release fertilizers) and WSFs (water soluble fertilizers) with well-known brand names, such as Osmocote, Peters & Universol. In specific markets, such as North America and the U.K., a range of unique plant protection products is also included in the recommendations for growing healthy plants. In the U.K., the company is a leading growing media supplier providing a complete solution for ornamental growers. Turf & Landscape The professional turf market includes the following user groups: golf course green keepers, sport field groundsmen, landscapers, contractors and lawn service providers. These groups demand high-quality inputs to secure strong, high-quality turf. They also require an integrated approach to keep turf strong and maintain its health, without creating an environment that is conducive to the development of disease. There is an environmental need to limit inputs which requires an integrated approach of unique, high-quality products. The most important inputs are controlled release and slow-release fertilizers, grass seeds and plant protection products. Some of these products’ well-known brands are Sierrablen, Sierraform and ProTurf. Recently, the segment launched a new brand of organic fertilizers named Gronamic. The Segment offers all three product lines in an integrated program and maintains a dedicated and experienced team of unique professional grass experts, along with a distribution network serving its key markets, mainly in Europe and Asia. Products Specialty fertilizers are highly effective fertilizers that allow more precise feeding of plants for their major nutrients needs (nitrogen, phosphorous and potassium) as well as secondary nutrients and micronutrients. These fertilizers allow efficient fertilizing through special applications among others, through drip irrigation systems and foliar spraying, and help growers obtain higher yields and quality. These fertilizers include, among others, controlled release fertilizers (CRF), slow-release fertilizers (SRF), soluble fertilizers and liquid fertilizers as follows: Controlled-release fertilizers (CRF) allow accurate release of nutrients over time. CRFs have a special coating that allows prolonged release of nutrients from over several weeks and up to 18 months compared to regular fertilizers that dissolve in the soil and are immediately available but therefore leach partially into the soil. ICL Innovative Ag Solutions has leading global and regional brand-name products, including Osmocote, Agroblen, Agrocote and AgromasterPolyblen and Producote. Osmocote is the most used controlled-release fertilizer by ornamental growers worldwide. The brand is known to deliver high quality ornamental plants due to its consistent release of nutrients and unique patterned and programmed release technologies. The company continues to invest in new technologies, as well as field trials to test and confirm the high reliability of the company’s products. In September 2022, ICL launched a biodegradable coated fertilizer technology - eqo.x, controlled release urea designed for open field agriculture. This solution will help farmers to maximize agricultural crop performance, while also limiting environmental impact by reducing nutrient loss and increasing nutrient use efficiency (NUE). The eqo.x release technology is the first offering in the market to provide a controlled release fertilizer (CRF) coating for urea which biodegrades more rapidly and was specifically designed to meet future European fertilizer standards set to go into effect in 2026. Soluble fertilizers, which are fully water-soluble, and fully-soluble NPK compound fertilizers, are commonly used for fertilization through drip irrigation systems to optimize fertilizer efficiency in the root zone to maximize yields. These fully soluble fertilizers are also used sometimes for foliar applications. The company’s well-known brands for fertigation include Peters, Universol, Fertiflow and more. The company’s leading brands for foliar application are Agroleaf Liquid, Agroleaf Power and Nutrivant. ICL develops specific formulations for different applications and circumstances. In South America, products such as Profol, Kellus, Tonus, Translok, Forcy, Nutritio, Vegetação and Dimi TÔnico are used as high technology products for farmers to improve plant nutrition and physiology through foliar fertilization. There are specific formulations for specific crops, greenhouses and/or open fields, as well as for different water types. ‘Straight fertilizers’ which are crystalline, free-flowing and high purity phosphorus & potassium soluble fertilizers, such as MKP, MAP and PeKacid. Key brands include NovaPeak, Nova PeKacid & NovaMAP. PeKacid is a patented product of ICL. It is the only solid highly acidifying, water-soluble fertigation product that contains both phosphorus and potassium. The product is ideal for hard water conditions where an acidifying effect is required, as well as for keeping dripping lines clean. In 2022, the company launched a new patented product, NovaPK88, which is the most concentrated PK soluble fertilizer in the market. The product is highly soluble and ideal for foliar. Liquid fertilizers are used for intensive agriculture and are integrated in irrigation systems (mainly drip systems). The company’s product line includes mostly tailor-made formulations designed for specific soil and water/climate conditions and crop needs. Peat, a growing medium for various crops, where generally controlled-release fertilizers and plant-protection products are mixed in. Specific formulations of growing media are designed for specific plant needs, such as greenhouse bedding plants and outdoor nurseries. A well-known ICL brand is the ‘Levington’ brand. Inclusion of growing media products in the portfolio in the UK allows ICL to offer an effective total solution to its customers. The company intends to use more circular products and has extended the company’s growing media offerings with Fibagro Advance, a unique and superior peat alternative manufactured in the U.K. This innovative and advanced woodfibre product is being used as a key component in professional growing media mixes and provides professional growers with sustainable growing solutions. Water conservation and soil conditioning products are new product lines developed by the segment. Water conservation products are used in professional turf to keep water in the root-zone. Key brands are H2Flo and H2Pro. These products improve water use efficiency. This new technology is also used in agriculture to allow better water availability around the root-zone of crops. Seed treatment technologies are used to deliver plant nutrients and bio-stimulants, with a focus on improved root development, early plant development and nitrogen fixation. Several products and brands serve the needs of different crops, such as ProSelect and Landscaper Pro. Bio-stimulants technologies, such as Triplus, Improver, Concorde, Vegetação and Dimi TÔnicoare, are being successfully used by farmers to increase their productivity and alleviate abiotic stress, such as drought, salinity and others. Adjuvants are essential to enhance foliar nutrition, herbicides and crop protection spray. The company offers the South American market adjuvant technologies, including Helper, Tensor Max and AD+, as well as various formulations that address the primary challenges facing farmers, such as drift and run off. Polysulphate and Polysulphate-based fertilizers, customized to meet the needs of different crops and soil types, maximize yield and allow more precise and efficient applications. Polysulphate contributes to and follows the main market trends in the fields of increased nutrient-use efficiency, low carbon footprint and organic fertilizers. Following are several examples of Polysulphate-based products and additional products that are included in the FertilizerpluS line: PotashpluS – a compressed mixture of Polysulphate and potash. The product includes potassium, sulphur, calcium and magnesium. In 2022, the company increased sales and plans to continue this trend in 2023. PKpluS – a unique combination of phosphate, potash and Polysulphate. In 2022, the company, through its Phosphate Solutions segment, increased PKpluS sales and plans to continue this trend in 2023. NPKpluS – a unique combination of Nitrogen, phosphate, potash and Polysulphate. This product includes all 6 macro nutrients in one granule. Production Growing Solutions segment's principal production facilities include plants in Israel (special compound fertilizers, liquid fertilizers and soluble fertilizers), Spain (liquid fertilizers, and soluble NPK fertilizers), the U.K. (products for water conservation and peat incorporated in growing media), China (compound specialty fertilizers and soluble fertilizers), the Netherlands (controlled-release fertilizers and fertilizer blends), Belgium (soluble NPK fertilizers), the U.S. (controlled-release fertilizers) and Brazil (liquid fertilizers, water-soluble fertilizers, controlled-release fertilizers, improved efficiency phosphorus fertilizers, secondary nutrients fertilizers and micronutrients fertilizers). The Segment's annual potential production capacity is approximately 360 thousand tonnes of soluble fertilizers, 800 thousand tonnes of phosphate, 480 thousand tonnes of liquid fertilizers, 200 thousand tonnes of controlled release fertilizers, 400 thousand m3 of growing media and 200 thousand tonnes of micronutrients. Sales, Marketing and Distribution The primary markets of the Specialty Fertilizers business line are Europe, particularly Spain, Israel, the U.S., India, China, the U.K., Australia, and Brazil. The Specialty Fertilizers business line sells its fertilizer products primarily via a network of its own sales offices, as well as through distributors around the world. Growing Solution segment also has specialized field forces for the Agriculture, Ornamental Horticulture and Turf & Landscape markets supported by specialized marketing teams. Seasonality While the majority of the company’s specialty fertilizer business serves markets in the northern hemisphere, where most of the demand for the segment's products is concentrated in the first half of the year, recent acquisitions of specialty fertilizer assets in Brazil, where demand is mostly concentrated in the second half of the year, somewhat balances the seasonality that characterized the segment's business. For example, some specialty products, such as soluble fertilizers in the Ornamental Horticulture market, are sold and applied throughout the year with limited seasonality, whereas controlled release fertilizers are sold during the potting season of container nursery stock and pot plants (before springtime). Additional Activities The company’s business activities include, among other things, ICL’s innovative arm, promoting innovation, developing new products and services, as well as digital platforms and technological solutions for farmers and agronomists. This category includes Growers and Agmatix, innovative start-ups that are developing agricultural data processing and analysis capabilities for the future of agriculture. These activities are not presented as reportable segments as they do not meet required quantitative thresholds. Dispositions In January 2022, the company completed the sale of its 50% share in its joint venture, Novetide Ltd. History The company was founded in 1968. It was formerly known as Israel Chemicals Ltd. and changed its name to ICL Group Ltd. in 2020.