ICL Announces the Issuance of a Final Ruling in the Royalties Arbitration
TEL AVIV, Israel, April 29, 2019 /PRNewswire/ -- ICL (NYSE: ICL) (TASE: ICL), a leading global specialty minerals and specialty chemicals company, today announced that a final ruling was rendered yesterday in the arbitration proceeding held between Dead Sea Works ("DSW") and the State of Israel regarding the royalties payable to the State by DSW, bringing the arbitration proceedings between the parties that commenced in 2011 to an end.
The final arbitration ruling was rendered following a joint notice submitted to the arbitrators by the parties pertaining to final agreements reached between the parties relating both to past periods (the years 2000 through 2017 (inclusive)), and to the mechanism to simplify the calculations of royalties to the State relating to the period as of January 1, 2018 and onward.
Following the finalization of the arbitration, the Company will book an additional provision of $11 million, after tax, in its financial reports for Q1 2019.
The total royalties' payments made by the Company to the State of Israel for the years 2000-2017 (inclusive) amount to approximately $1.3 billion (of which approximately $300 million, including interest and linkage, as a result of the arbitration).
For further details regarding the royalty arbitration and regarding previous agreements with the State, see the Company's immediate report dated December 25, 2018 (Ref. # 2018-02-118246), as well as Note 20B.(1) of the Company's annual financial statements for 2018, published on February 27, 2019 (Ref. # 2019-02-017634).
About ICL
ICL is a global specialty minerals and chemicals company operating bromine, potash and phosphate mineral value chains in a unique, integrated business model. ICL extracts raw materials from well-positioned mineral assets and utilizes technology and industrial know-how to add value for customers in key agricultural and industrial markets worldwide. ICL focuses on strengthening leadership positions in all of its core value chains. It also plans to strengthen and diversify its offerings of innovative agro solutions by leveraging ICL's existing capabilities and agronomic know-how, as well as the Israeli technological ecosystem. ICL's operations are divided into four business divisions: Industrial Products (bromine value chain and complementary business); Potash; Phosphate Solutions (P2O5 Chain); and Innovative Ag Solutions.
ICL's shares are dual-listed on the New York Stock Exchange and the Tel Aviv Stock Exchange (NYSE and TASE: ICL). The company employs over 11,000 people worldwide, and its 2018 revenues totaled about $5.6 billion. For more information, please visit the Company's website at www.icl-group.com.
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SOURCE ICL
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