Morocco announced on Wednesday that it had acquired a 50% stake in the Spanish phosphate company GLOBALFEED.
The statement of the OCP Group (a state 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.
The statement added that the aim of the acquisition is to strengthen the group's position "in the animal nutrition products sector and expand our geographical presence."
"Our goal is to sustainably respond to demand and provide the best service to our customers by showcasing selected and innovative products," the office said.
The Moroccan company said in its statement that it plans to increase the production capacity of global feed to reach 400,2027 tonnes by <>. The statement quoted Javier Martin, chief executive of Global Feed, as saying the group had accumulated a century of service.
"The company's turnover reached $11.3 billion in 2022, and it is the world leader in phosphate products," he added.
GlobalFeed is a Spanish company engaged in the production and distribution of phosphate products for animal nutrition.
The largest phosphate reserves
Morocco has the largest phosphate reserves, with an estimated 85% of global reserves.
The Kingdom is the second largest producer of phosphates, with about 30 million tons per year, and the first exporter of phosphate in the world.
Through its investments, Morocco aims to increase its annual production on average from 30 million tons to 50 million tons, and increase the production of phosphate fertilizers from 3.5 million tons to 10 million tons per year and 18 million tons by 2025.
The metals sector plays an important role in the Moroccan economy and its share in GDP is 10%, according to official data released in 2017.