Israel Chemicals To Close Magnesium Plant, Fire 500 Employees

September 2, 2014 | Israel Chemicals (ICL) announced its plans to close its magnesium factory by 2017. The magnesium factory currently employs 550 workers, nearly 10 percent of the company’s total workforce. ICL, which is Israel’s southern Negev region’s largest employer and one of the largest companies on the Tel Aviv Stock Exchange, stated that the magnesium factory had barely been profitable. ICL was founded in 1968 as a state chemical company until it was privatized and sold to Israel Corp. in 1995.