Moroccan phosphate and fertilizer producer OCP said on Monday (26) that it has signed an agreement to acquire 50% of GlobalFeed, a subsidiary of Spain’s Fertinagro Biotech, as it seeks to diversify into the animal feed sector.

GlobalFeed operates in the area of ​​phosphate-based animal nutrition and has a business in Huelva, in southern Spain, OCP reported.

“This acquisition confirms OCP’s objective to diversify its phosphate solutions and become a leading player in the animal nutrition sector, meeting growing demand and expanding its offerings into sustainable and customized specialty products,” he said.

State-owned OCP, one of the largest fertilizer companies in the world, did not provide further details about the transaction, including the value of the deal.

OCP recorded a 72% increase in its first-half revenue year-on-year to 56 billion dirhams (US$5.67 billion) due to higher prices and growing demand in the international market.