TEL-AVIV, Israel, March 18, 2010 /PRNewswire-FirstCall/ -- ICL (TASE:ICL), a multinational fertilizer and specialty chemicals company, today announced that ICL Fertilizers has signed an extension agreement to supply one million tons of potash to its primary customer in India. This is the largest single supply agreement that the Company has ever signed, and represents nearly double the quantity specified in its previous contract with this customer. This is a larger quantity than other potash suppliers active in India have secured in their recently signed contracts.
Under the terms of the agreement, ICL Fertilizers will supply one million tons of potash for a 12-month period beginning in April 2010, compared to 575 thousand tons in the previous contact, at a price of $370 per ton. The contract is firm regarding quantities and prices.
This agreement emphasizes the importance of India as one of ICL Fertilizers' primary target markets. It also underscores the logistical advantage of the Company's location in Israel.
ICL is one of the world's leading fertilizer and specialty chemicals companies. For a world challenged by population growth and scarce resources, ICL makes products that increase global food and water supplies and improve industrial materials and processes.
ICL produces approximately a third of the world's bromine and approximately 9% of its potash. ICL is a leading supplier of fertilizers in Europe and a major player in specialty fertilizer market segments. One of the world's most integrated manufacturers and suppliers of phosphate products, ICL has become the world's leading provider of pure phosphoric acid and a major specialty phosphate player.
ICL is comprised of three core segments: ICL Fertilizers, ICL Industrial Products and ICL Performance Products. Its major production activities are located in Israel, Europe, the US, South America and China, and are supported by major global marketing and logistics networks. ICL benefits from exclusive concessions to extract minerals from Israel's Dead Sea, a vast source of high-quality and low-cost potash, bromine, magnesium chloride and sodium chloride. ICL also mines phosphate rock from Israel's Negev Desert and potash and salt from its mines in Spain and the UK.
ICL's shares are traded on the Tel Aviv Stock Exchange (TASE: ICL).
About ICL Fertilizers
ICL Fertilizers, one of ICL's three operating segments, produces and markets fertilizers throughout the world. Its potash operations include the mining of potash from Israel's Dead Sea and from underground mines in Spain and England. In addition, ICL Fertilizers' Rotem Amfert Negev Division mines phosphate rock from Israel's Negev desert and uses it to manufacture phosphate fertilizers and phosphoric acid. In addition, ICL Fertilizers produces complex fertilizers as well as inputs for value-added downstream products. ICL Fertilizers sells its products to customers throughout the world, with an emphasis on Europe, Brazil, India, China and Israel.
Forward Looking Statement
This press release contains forward-looking assessments and judgments regarding macro-economic conditions and the Group's markets, and there is no certainty as to whether, when and/or at what rate these projections will materialize. Management's projections are likely to change in light of market fluctuations, especially in ICL's manufacturing locations and target markets. In addition, ICL is likely to be affected by changes in the demand and price environment for its products as well as the cost of shipping and energy, whether caused by actions of governments, manufacturers or consumers. ICL can also be affected by changes in the capital markets, including fluctuations in currency exchange rates, credit availability, interest rates, etc.
Fleisher Communications and Public Relations Amiram Fleisher +972-3-6241241 firstname.lastname@example.org
SOURCE ICL - Israel Chemicals Ltd