Israel Chemicals (ICL) is looking to sell off subsidiaries and assets with “low synergies” worth at least $500 million, Chairman Johanan Locker said on Thursday.
Locker, speaking at an investors’ conference, did not elaborate on which assets ICL — one of the world’s largest suppliers of crop nutrient potash — would divest.
He said ICL, which has been hurt by a drop in potash prices, was looking to create available sources of financing for further investments and also to lower debt.
The board, he noted, was formulating a new strategy to guide the future plans and operations of the company to grow ICL’s specialty solutions division and further strengthen the competitiveness of its commodity assets.
By Steven Scheer
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