TEL AVIV, Israel, November 5, 2014 /PRNewswire/ --
ICL Industrial Products ("ICL IP"), a segment of ICL (NYSE and TASE: ICL), a global manufacturer of products based on specialty minerals that fulfill essential needs of the world's growing population in the agriculture, processed food and engineered materials markets, today announced that it has increased its prices for elemental bromine and hydrobromic acid that it sells in the Far East. Effective immediately, prices for each of the products will increase by 20%, or in accordance with agreements between ICL IP and its customers.
Commenting on the price increase, Ran Oren, Vice President of ICL IP's Industrial Solutions, stated, "ICL Industrial Products' bromine business has come under margin pressures over the past few years. We have implemented these price increases to maintain our high level of customer service, as well as to ensure ICL Industrial Products' continued investment in its business. In addition, ICL IP recently announced restructuring plans for the purpose of reducing our overall costs and to improve our competitive position."
About ICL Industrial Products
ICL IP, one of ICL's three operating segments, manufactures and markets a broad range of industrial chemicals based on bromine, magnesia, chlorine and salts. ICL-IP's bromine-based products are life-saving components that reduce the mercury emissions of coal-burning power stations, enhance the safety of deep-water oil and gas drilling operations, and minimize the fire hazard associated with consumer electronics, automobiles, furniture, insulation, and other widely-used products. In addition, the pharmaceutical industry uses bromine as an intermediary in the manufacture of drugs for the treatment of cancer, epilepsy, heart disease and other life-threatening conditions. ICL-IP is the industry's leading bromine company, and supplies approximately one third of the world's elemental bromine. It employs approximately 2,500 employees in Israel and throughout the world.
ICL is a global manufacturer of products based on specialty minerals that fulfil humanity's essential needs primarily in three markets: agriculture, food and engineered materials.
The agricultural products that ICL produces help to feed the world's growing population. The potash and phosphates that it mines and manufactures are used as ingredients in fertilizers and serve as an essential component in the pharmaceutical and food additives industries. The food additives that ICL produces enable people to have greater access to more varied and higher quality food. ICL's water treatment products supply clean water to millions of people, as well as to industry around the world. Other substances, based on bromine and phosphates help to create energy that is more efficient and environmentally friendly, prevent the spread of forest fires and allow the safe and widespread use of a variety of products and materials.
ICL benefits from a broad presence throughout the world and proximity to large markets, including in emerging regions. ICL operates within a strategic framework of sustainability that includes a commitment to the environment, support of communities in which ICL's manufacturing operations are located and where its employees live, and a commitment to all its employees, customers, suppliers and other stakeholders.
ICL is a public company whose shares are traded on the New York Stock Exchange and the Tel Aviv Stock Exchange (NYSE and TASE: ICL). 45% of ICL's Shares are held by Israel Corporation Ltd, 13.9% by PotashCorp and the remainder by the public. The company employs approximately 12,000 people worldwide, and its sales in 2013 totaled US$6.3 billion. For more information, visit: http://www.icl-group.com
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
SOURCE ICL Industrial Products