$11.3 billion in sales volume.. Morocco acquires 50% of the shares of a Spanish phosphate-producing company

Morocco announced – yesterday, Wednesday – the acquisition of 50% of the capital of the Spanish phosphate company “GLOBALFEED”.

The statement of the OCP Group (a government company) said that the acquisition of half of the share capital of the main fertilizer producer in Spain was completed on Wednesday, May 17, 2023.

added Statement The aim of the acquisition is to strengthen the group’s position “in the animal feed products sector and expand our geographical presence.”

“Our goal is to sustainably respond to demand, and to provide the best service to our customers by offering selected and innovative products,” the office continued.

The Moroccan company said in its statement that it plans to increase the global feed production capacity to reach 400,000 tons by 2027. The statement quoted Javier Martin, CEO of Global Feed, as saying that the group has accumulated a century of service.

He added, “The company’s sales volume amounted to $11.3 billion in 2022, and it is the world leader in phosphate products.”

Global Feed is a Spanish company engaged in the production and distribution of phosphate products for animal feed.

The largest stock of phosphates

And owns Morocco The largest stock of phosphates, with an estimated 85% of the global reserves.

The Kingdom is the second largest producer of phosphate, with about 30 million tons annually, and its first exporter in the world.

Through its investments, Morocco seeks to raise its annual production on average from 30 million tons to 50 million tons, and to increase the production of phosphate fertilizers from 3.5 million tons to 10 million tons annually and 18 million tons by 2025.

The mineral sector plays an important role in the Moroccan economy and its share in the gross domestic product is 10%, according to official data released in 2017.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *