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
Source: Reuters
Neste Corp. will collaborate with Dutch terminals operator Tepsa for the storage and handling of liquefied waste plastics at Rotterdam, Netherlands, to enhance Neste’s chemical recycling logistics infrastructure in Europe. Neste said that following successful industrial-scale processing runs at its integrated crude oil refining and petrochemicals site at Porvoo, Finland.
Archroma, a global leader in specialty chemicals towards sustainable solutions, has announced that Rajiv Sharma has been appointed as the new Chief Executive Officer (CEO) with key responsibility for the Textile Effects business, effective October 1, 2024. Current Group CEO Mark Garrett will transition to the Archroma Board of Directors.
The challenges facing the European chemical industry, particularly in Germany, have compelled the world’s largest chemical maker to rethink its scale and diversified approach. BASF has announced a strategic shift, splitting its portfolio into “core” and “standalone” businesses.
