Israel Chemicals (TASE: ICL: NYSE: ICL) is continuing its sale of activities. The company today reported that its subsidiary, Israel Chemicals Performance Products, would sell its pharmaceutical, cosmetics, and gypsum business to chemicals and cosmetics company One Rock Capital Partners. The deal, whose price is estimated at $50 million, is slated for signing in the coming months, subject to completion of the usual conditions.
Israel Chemicals Performance Products' pharma and cosmetics business focuses on the production of components for antacids and antiperspirants, while its gypsum business, mostly in the UK, focuses on dental applications.
The sale of the PCG business units is part of ICL’s ‘Next Step Forward’ strategy to divest its non-core businesses to focus on its core businesses in the agriculture, food and engineered materials markets.
Israel Chemicals Performance Products President & CEO Mark Volmer stated, “ICL PP intends to use the proceeds from the sale of our PCG businesses to strengthen our core businesses in the food and engineered materials markets, and to expand our global presence, especially in emerging markets. We are certain that we have found an optimal owner for our PCG units that will develop their businesses and increase their activities globally. This transaction is opportune not only for ICL and One Rock, but also for PCG’s dedicated and talented team of employees.”
Published by Globes [online], Israel business news - www.globes-online.com - on May 25, 2015
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