TEL AVIV - ICL Group LTD (NYSE: TASE:ICL) (TASE: ICL), a global specialty minerals company with a market capitalization of $6.34 billion and a GREAT financial health score according to InvestingPro, has announced an additional investment in Plantible Foods by participating in the latter's Series B funding round. Currently trading below its Fair Value, ICL offers investors a 3.22% dividend yield while maintaining strong financial metrics. This investment follows ICL's initial contribution during Plantible's Series A round, reinforcing the strategic partnership between the two entities.
In October of 2023, ICL Food Specialties and Plantible Foods introduced Rovitaris Binding Solution featuring Rubi Protein, which recently won the Ingredient Idol award at the SupplySide West conference in November 2024. The award recognizes Rovitaris as the most innovative food ingredient of the year.
Hadar Sutovsky, Vice President of Corporate Investments at ICL, expressed the company's dedication to fostering sustainable and innovative solutions within the food sector. "Our continued investment in Plantible Foods underscores our commitment to advancing sustainable and innovative solutions in the food industry," Sutovsky stated.
The collaboration aims to cater to the increasing consumer preference for healthier and more sustainable food options. Rado Sporka, Vice President of Food Specialties at ICL, anticipates a surge in demand for Rovitaris Binding Solution in 2025, in line with the clean-label and sustainable ingredient trend.
Tony Martens Fekini, CEO of Plantible Foods, highlighted the importance of the partnership with ICL in commercializing Rubi Protein. The recognition at the SupplySide West event underscores the potential impact of their joint efforts on the food industry.
Market research indicates that the global clean label ingredients market is poised for growth, with a projected value of $99 billion by 2034, expanding at a CAGR of over 6.4%. ICL's investment in Plantible Foods and their development of innovative ingredients such as Rovitaris Binding Solution align with these market trends. With EBITDA of $1.25 billion and revenue of $6.93 billion in the last twelve months, ICL demonstrates strong operational performance. InvestingPro subscribers can access detailed analysis and additional insights through the comprehensive Pro Research Report, one of 1,400+ available for top US stocks.
ICL Group, with dual listings on the New York and Tel Aviv Stock Exchanges, employs more than 12,000 people worldwide and reported revenues of approximately $7.5 billion in 2023. The company is known for creating impactful solutions for sustainability challenges in various markets. InvestingPro analysis reveals strong recent performance, with multiple analysts revising earnings upward for the upcoming period. Discover more exclusive insights and detailed financial metrics with an InvestingPro subscription.
This news is based on a press release statement. Forward-looking statements in the announcement are subject to risks and uncertainties, and actual results may differ materially from those projected.
In other recent news, ICL Group LTD's CEO, Raviv Zoller, has announced plans to retire in early 2025 after seven years of leadership. This development coincides with the company's strong momentum, as evidenced by recent financial health metrics. Zoller's tenure was marked by enhancements in innovation, sustainability, and product profitability, and his departure is expected to align with the release of ICL's annual financial statements.
In further developments, ICL, a global specialty minerals and chemicals company, has reported resilient third quarter 2024 financial results amidst geopolitical tensions and market fluctuations. The company reported third-quarter sales of $1.753 billion, a 10% increase in adjusted earnings per share (EPS) to $0.11, and a 37% year-over-year rise in EBITDA for specialty-driven divisions. This growth is attributed to the company's focus on specialty products and strategic initiatives.
ICL also announced plans to maintain potash sales at 4.6 million metric tons for 2024 and the development of a new customer innovation center in St. Louis to support battery materials production by 2027. The company anticipates stabilization and improvement in potash demand and pricing by 2025 and has raised its specialty division EBITDA guidance for 2024 to between $0.95 billion and $1.05 billion. These recent developments highlight the company's resilience amid market challenges.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.