Israel Chemicals To Sell Fire Safety, Oil Additive Units For $1B

December 12, 2017 | Israel Chemicals (ICL),  a multinational chemical, metals, and fertilizer manufacturer that mines the Dead Sea for minerals, has entered an accord to sell the units of its fire safety and oil additives business for about $1 billion to New York-based investment firm SK Capital, the chemicals company announced last week. Both businesses are part of an ICL Specialty Solutions’ Advanced Additives business line, with locations in North America, South America, Europe, Australia, and Asia. According to reports, ICL is selling its units is looking to get itself out of a $3.3 million debt and generate funding for growth and innovation initiatives. The sale is expected to be completed in the first half of 2018. The ICL fire safety unit supplies chemicals and services to fight wildfires, while the ICL oil additives business manufactures lubrication oil additives, mining chemicals, and pesticides. In a filing to the Tel Aviv Stock Exchange, the units sold have brought $294 million in sales.