Israel Chemicals completes sale of IDE

Ashdod desalination plant Photo: Albatross
Ashdod desalination plant Photo: Albatross

The buyers include Clal Insurance, the advanced training fund of the Teachers Union, and IDE president and CEO Avshalom Felber.

Israel Chemicals (TASE: ICL: NYSE: ICL) acting CEO Asher Grinbaum has completed another measure aimed at reducing the company's activities that are not part of its core business.

The company yesterday reported that it had completed the sale of its 50% stake in IDE Technologies Ltd. for $167 million, and would post a $40 million capital gain in its reports for the fourth quarter of 2017.

The group acquiring the shares consists of Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS), which will hold 20% of IDE; the advanced training fund of the Teachers Union (20%); and IDE president and CEO Avshalom Felber (10%). The deal was closed six months ago and was completed in recent days, after a number of suspending conditions were fulfilled.

Up until now, IDE was owned in equal shares by Israel Chemicals and Delek Group Ltd. (TASE: DLEKG). IDE specializes in the development, planning, production, and operation of desalination facilities and advanced water solutions. The company was founded 50 years ago, and has carried out over 400 projects in 40 countries, including Israel, India, China, Australia, and Thailand, as well as countries in Europe; North, Central, and South America; and the Caribbean Islands.

The company, which employs 380 workers, owns half of the desalination facility in Asheklon with an annual capacity of 120 million cubic meters, half of the desalination facility in Hadera (127 million cubic meters a year), 51% of the desalination facility in Soreq (150 million cubic meters a year), and full ownership of the desalination facility building in 2015 in Carlsbad, California, with a desalination capacity of 50 million gallons (190 million liters) a day.

Published by Globes [online], Israel Business News - www.globes-online.com - on December 11, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

Ashdod desalination plant Photo: Albatross
Ashdod desalination plant Photo: Albatross
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