Israel Chemicals (ICL) said on Thursday it reached an agreement to sell its 50 percent stake in water desalination firm IDE Technologies for $178 million.
ICL, a top global supplier of potash, has been looking for months for a buyer, and reached a deal with a limited partnership whose general partner is a company controlled by IDE’s own chief executive, Avshalom Felber. The partnership also includes institutional bodies from Israel’s Clal Insurance .
The deal is expected to close during 2017.
IDE, which has built major desalination plants in the United States, Israel, India and China, is jointly owned by ICL and Israeli conglomerate Delek Group.
By Ari Rabinovitch
Source: Reuters
The investment enables the steam cracker to increase the share of renewable and recycled raw materials used in its (ethylene and propylene) production. The move supports the Borealis Strategy 2030 for a circular economy. The Porvoo investment program is expected to be completed in 2025.
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Founded in 1972, Tecnofilm has expanded its product portfolio over the years to offer a wider range of compounds and functional polymers for various industrial applications and technical articles. The company has patented several of its products.
