Israel Chemicals Sells Rhenoflex To Shift Focus

December 21, 2014 | The Israel Chemical‘s Performance Products segment has decided to sell the German-based footwear business Rhenoflex. The sale is part of the company’s “Next Step Forward” strategy, led by company president and CEO Stefan Borgas, in which it will focus on agriculture, food and engineered materials. Rhenoflex provides high-end shoe enforcement materials and orthopedic parts to leading brands in the global footwear industry. Though the exact financial details of the sale have yet to be released, it is believed that Rhenoflex sold for tens of millions of dollars. Israel Chemicals was founded in 1968 and is a multi-national manufacturer of fertilizers, metals and other special purpose chemical products.