Dec 7, 2010

Scotts Miracle-Gro to Sell Its Global Professional BusinessSource: Associated Press (Canadian Business Online)

Israeli Chemicals Ltd. (ICL) paid $270 million in cash for the global professional business of Scotts Miracle-Gro Co. Scotts hopes this move will help pay down debt and direct focus on its consumer product line.

ICL already makes products such as fertilizers and now with Scotts’ professional unit, it can sell both companies’ lawn care products to a list of customers that includes professional nurseries, golf courses, sports fields, public parks and greenhouses. The U.S. professional seed business is not included in this offer.

At the end of Scotts’ fiscal year 2010, the global professional business amounted to 8 percent ($242 million) of the company’s total sales for that year.