Israel Chemicals completes sale of industrial minerals unit

07 June 2004 13:04  [Source: ICIS news]

LONDON (CNI)--Israel Chemicals Ltd (ICL) said Monday it has completed the sale of non-core subsidiary Negev Industrial Minerals to Doraz, a compatriot company controlled by the Razine family, for $21.2m (Euro17.3m).

 

Negev produces gypsum and limestone for the chemical and construction sectors, and silica sand for the glass, man-made marble and moulding industries. It employs 48 workers in two factories.

 

The deal was first announced in February. Under the terms, the buyer has agreed to honour the existing contracts of all employees at Negev Industrial Minerals and to maintain current working conditions.

 

Israel Chemicals said it will continue to buy plaster and limestone from Negev Industrial Minerals.

 

The sale of Negev Industrial Minerals is the latest in Israel Chemicals’ divestments, which included many of the firm’s real estate holdings, its 50% stake in IDE Technologies, the Dead Sea Laboratories and the Edom underground mining operations.

 

Israel Chemicals’ core businesses are agrochemicals and specialty chemicals.

By: Russell Ong
+44 208 652 3214

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