Rabat - Morocco’s OCP has announced one of its subsidiaries acquired 20 percent of the shares in Spain’s Fertinagro Biotech fertilizer company.
OCP Group obtained all required regulatory approvals and Fertinagro’s shareholders approved the acquisition, OCP announced Tuesday, October 23.
Both companies signed final agreements under which OCP Group would acquire Fertinagro’s shares in June.
“As part of the transaction, Fertinagro and OCP have signed an intellectual property and know-how license agreement as well as a co-development agreement, in line with OCP’s strategic pillars to boost innovation and offer customized fertility solutions to meet farmers’ specific needs around the world,” OCP Group wrote.
With the new partnership, OCP and Fertinagro plan to develop “innovative products and solutions for the agriculture and plant nutrition” and to achieve “further growth through joint industrial and commercial projects in the next few years.”
Mostafa Terrab, OCP Group CEO, commented that the new partnership “is a new step towards achieving our global growth strategy focusing on creating innovative, customized plant nutrition solutions adapted to crops and soils, to address the specific needs of farmers around the world.”
Terrab believes that the OCP and Fertinagro alliance will bring more opportunities for both companies in the future.
For Generoso Martin, Fertinagro Biotech’s founder, “OCP’s investment in Fertinagro will open many new opportunities to share knowledge and technologies with farmers, helping them achieve better competitiveness and sustainability in an ever-more demanding agriculture.”
Martin believes that the partnership “will undoubtedly benefit millions of growers around the world.”
Fertinagro is a major Spanish fertilizer company which produces and commercializes plant nutrition solutions. It is also known for its “product development capabilities” and “biotech application.”
Fertinagro has 22 manufacturing plants and logistics centers in Spain and France with a production capacity of 2 million tons. Fertinagro has subsidiaries and sales in over 60 countries worldwide.
OCP Group is one of the leading exporters and producers of phosphate-based fertilizers in the world. The company develops precision agriculture techniques to help farmers improve the quality and yield of their crops.