Business / Industry Sectors
Israel Chemicals to sell desalination unit
15/11/2014
Sale of the 50% stake in IDE Technologies is part of a strategy of focusing on core businesses.

Source: Forbes

Israel Chemicals Ltd. (NYSE: ICL; TASE: ICL) is selling desalination engineering unit IDE Technologies. The decision was made at the Israel Chemicals board meeting yesterday in Spain. At the meeting, the decision was also made to invest NIS 1.2 billion in developing a potash mine in Catalonia.

At the same meeting, in keeping with the strategic decision made by the company led by CEO Stefan Borgas, a year ago, it was decided to focus on a series of processes that will allow the company to concentrate on its core businesses, such as composite materials, food and agriculture. 

Under the decision, the company decided to sell a number of businesses, including IDE Technologies. The company is jointly held with Yitzhak Tshuva, with each party holding 50%. 

Sources close to the matter have said that this decision does not indicate that there are negotiations underway at present, or that there is a buyer, rather, the decision is a theoretical one, and when and if a buyer should arrive, the company will begin negotiating terms. 

Israel Chemicals sold a number of its businesses in the fields of aluminum, industrial water treatment, and paper treatment chemicals, for a total of $250 million, and in the near future, additional company operations around the world that do not advance the Israel Chemicals’ core business will be put up for sale. The money from the sales will be invested in the company’s core businesses.

 

Source: Globes

 

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