TEL AVIV, Israel, June 22, 2017 /PRNewswire/ --
ICL (NYSE & TASE:ICL), a leading global specialty minerals and specialty chemicals company, announced today, at an Investor Day held by the Company for the Israeli market at the Tel Aviv Stock Exchange, that it is exploring various opportunities to divest subsidiaries and/or assets that have a low synergy profile to ICL's mineral chain or portfolio for approximately $500 million or more as part of the Company's plan, among others, to create available sources of financing for further investments, inasmuch as such investments are decided upon, as well as to reduce the Company's current leverage level.
Leading the speakers at the Company's Investor Day was ICL Chairman, Johanan Locker, who revealed that its Board of Directors is currently formulating a new strategy to guide the future plans and operations of the company, as well as its leverage levels, growing the Company's Specialty Solutions division and further strengthening the competitiveness of the Company's commodity assets.
ICL's Acting CEO, Asher Grinbaum, discussed the strategic importance of ICL's Dead Sea operations as well as the Company's other competitive advantages, including its broad innovation capabilities. He also emphasized the importance of ICL's efforts to diversify its operations and achieve a proper balance between its commodities and specialties businesses, especially in light of current conditions in the commodities markets.
Among other management addressing the conference were Kobi Altman, ICL's CFO, who reviewed the Company's successful efficiency gains through operational excellence initiatives and cost-reduction efforts, resulting in a reduction in cost per tonne, as well as its strict Capex management and its strong free cash flow generation - necessary in order to remain competitive in a challenging business environment.
The investor presentation follows this announcement and can be also viewed on the Company's website at http://www.icl-group.com .
ICL is a global manufacturer of products based on specialty minerals that fulfill humanity's essential needs primarily in three markets: agriculture, food and engineered materials. ICL shares are dual listed on the New York Stock Exchange and the Tel Aviv Stock Exchange (NYSE and TASE: ICL). The company employs approximately 13,000 people worldwide, and its sales in 2016 totaled US$5.4 billion. For more information, visit the company's website at http://www.icl-group.com.
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