TEL AVIV, Israel, May 19, 2020 /PRNewswire/ -- ICL Group LTD (NYSE: ICL) (TASE: ICL), a leading global specialty minerals and specialty chemicals company, announced today it completed the successful global commercial launch of HALOX® SCRATCH-X™, an innovative mineral based anti-scratch additive that improves scratch resistance and durability and extends the life of industrial wood coatings that are used in cabinetry and furniture. The product was developed by the company's Paints & Coatings' scientists after extensive research and coordinated marketing efforts.
James Moffatt, EVP, Phosphate Specialties & Managing Director, ICL Americas, commented: "This new product launch is a key milestone for our Paint & Coatings business and is indicative of our continued ability to offer our customers a wide range of innovative products and unique solutions for existing and unmet needs. SCRATCH-X™ is one part of our long-term growth initiatives, and we are confident it will be a promising addition to our growing portfolio of specialty products and solutions."
ICL estimates the total addressable market for SCRATCH-X™ to be about $450 million per year and expects its next generation additive to capture between 5% to 10% of the market globally within the next few years.
ICL Group LTD is a global specialty minerals and specialty 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 shares are dually 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 2019 revenues totaled approximately $5.3 billion. For more information, visit the Company's website at www.icl-group.com.