The Scotts Miracle-Gro Co., announced that it has received a binding offer from ICL to acquire the shares and substantially all the assets of ScottsMiracle-Gro's Global Professional business for $270 million, subject to certain adjustments at closing.
ICL is an Israel-based manufacturer of fertilizer and specialty chemicals.
According to Jim Hagedorn, chairman and chief executive officer, ScottsMiracle-Gro, the sale "is another step in our strategy to become a more focused consumer business."
The Global Professional business markets professional products to commercial nurseries and greenhouses for ornamental horticulture; sports fields, golf courses and public parks for professional turf applications; and specialty agriculture in North America, Europe, the Middle East, Africa, Latin America and Asia-Pacific. The U.S. professional seed business is not included in this offer.
The sale is expected to close in the company's second quarter of fiscal 2011.