Benzinga | Oct 14, 2021 04:11PM EDT

ICL Group Expands Potassium Nitrate Supply Arrangement With Haldor Topsoe; Terms Not Disclosed

ICL (NYSE:ICL) (TASE: ICL), a leading global specialty minerals company, today announced its intention to expand its current commercial relationship with Haldor Topsoe and is looking forward to entering into a long-term supply arrangement for potassium nitrate. Potassium nitrate, also known as NOP, is a soluble source of two major essential plant nutrients -- nitrogen and potassium -- and is commonly used as a fertilizer for high-value crops.

ICL expects to expand its NOP sourcing from Haldor Topsoe and begin marketing product in the first quarter of 2022, as it further integrates Topsoe material into its global supply offerings. The company also expects to maintain its other existing potassium nitrate supplier relationships, as part of its global specialty fertilizers market strategy.

"Haldor Topsoe has been a trusted supplier for the past several years, and this arrangement expands our existing relationship and allows both of us to advance our sustainability efforts," said Heinrich Berger, vice president of global raw materials procurement for ICL. "As a Together for Sustainability (TfS) supplier, Haldor Topsoe has demonstrated its commitment to integrating sustainability performance metrics into their business -- just as ICL has -- and we are proud to partner with them."

"We want to help our customers in their renewable energy transition, by offering carbon emission reduction technologies," said Lars Skyum, senior vice president at Haldor Topsoe. "Since ICL is the expert in specialty fertilizers, we are very satisfied they will be off-taking our potassium nitrate, which will then be fully and efficiently used to fertilize much-needed crops on a global basis."