8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON DC, 20549
____________________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 of 15(d) of the Securities Exchange Act of 1934 

Date of report (date of earliest event reported: August 25, 2008) 

INNOPHOS HOLDINGS, INC.
(exact names of registrants as specified on their charters)

Delaware	001-33124	20-1380758
(states or other jurisdictions	(Commission File numbers)	(IRS Employer Identification Nos.)
of incorporation)
	259 Prospect Plains Road
	Cranbury, New Jersey 08512
	(Address of Principal Executive Officer, including Zip Code)

(609) 495-2495

(Registrants' Telephone Number, Including Area Code)

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨	Written communications pursuant to Rule 425 the Securities Act (17 CFR 230.425)
¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)
¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240-13e-4(c)

Item 8.01 Other Items.

On August 29, 2008, the Registrant issued a press release concerning a development in pending litigation. The press release is filed as Exhibit 99.1 to this current report, and the text of the release is herein incorporated by reference in response to this item.

Exhibit No.	Description
99.1	Press release of Innophos Holdings, Inc. dated August 29, 2008 announcing a favorable decision by the Mexican Court of Fiscal & Administrative Justice.

 SIGNATURES

According to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

		INNOPHOS HOLDINGS, INC.
Dated	August 29, 2008	By	/s/ William N. Farran
		Name:	William N. Farran
		Title:	Vice President and General Counsel

EX-99

FOR IMMEDIATE RELEASE

INNOPHOS HOLDINGS OBTAINS FAVORABLE MEXICAN COURT DECISION ON WATER TAXES

Cranbury, NJ (August 29, 2008) Innophos Holdings, Inc. (NASDAQ: IPHS) announced its subsidiary, Innophos Fosfatados, received a favorable decision from the Mexican Court of Fiscal & Administrative Justice concerning a water tax rate issue with a Mexican governmental agency. The unanimous decision of the court rendered on an appeal by Fosfatados overturns resolutions of the Mexican National Waters Commission (CNA) seeking to impose higher tax rates on fresh water consumed at the company’s Coatzacoalcos, Veracruz Mexico plant from 1998 through 2002. If sustained, the CNA fresh water resolutions could have amounted to a potential liability of up to $33.0 million for Fosfatados. The basis of the decision also appears to render unlikely any CNA claim will be made for periods after 2002. Under Mexican law, the CNA has 15 business days from receipt of the court’s decision to appeal it.

Innophos acquired its Mexican operations in August 2004 from affiliates of Rhodia, S.A. Subsequently, Innophos obtained a judgment in the New York State courts confirming its right to full indemnity from Rhodia for CNA water resolution-related liabilities arising prior to the acquisition. The Mexican court decision, if not appealed or if sustained on appeal, means there should be no liability or need to pursue Rhodia further to pay CNA–related indemnities covered by the judgment.

About Innophos Holdings, Inc.

Innophos Holdings, Inc. (www.innophos.com), the holding company for a leading North American manufacturer of specialty phosphates, serves a diverse range of customers across multiple applications, geographies and channels. Innophos offers a broad suite of products used in a wide variety of food and beverage, consumer products, pharmaceutical and industrial applications. Innophos' market-leading positions derive from its experience and dedication to customer service and innovation. Headquartered in Cranbury, New Jersey, Innophos has manufacturing operations in Nashville, TN; Chicago Heights, IL; Chicago (Waterway), IL; Geismar, LA; Port Maitland, ON (Canada); and Coatzacoalcos, Veracruz and Mission Hills, Guanajuato (Mexico). ’IPHS-G’

Innophos Holdings, Inc.	Breakstone Group
Investor Relations: (609) 366-1299	Maura Gedid / Barbara Cano
investor.relations@innophos.com	646-452-2335 / 2334