TEL AVIV, Israel, December 16, 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 price increases of 5-10% for selected phosphorus-based Fyrol® flame retardants manufactured by ICL IP. The price increases are effective immediately, or as contracts with customers permit.
Commenting on the price increases, Greg Symes, ICL IP's Global Business Unit Director for polyurethane flame retardants, stated, "We have implemented these price increases for select Fyrol®phosphorus flame retardants to return our business to a level that allows re-investment, maintain the high level of customer service we currently provide, allow us to continue to lead our industries in new product innovation and to ensure ICL Industrial Products' position as a reliable supplier of products in the value chain."
ICL IP recently announced restructuring plans for the purpose of reducing its overall costs and to improve its competitive position and maintain its high level of customer service.
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 the company's website at 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