TEL AVIV, Israel, May 3, 2015 /PRNewswire/ --
ICL (NYSE & TASE: ICL), a global manufacturer of products based on specialty minerals that fulfill essential needs of the world's growing population in the agriculture, food and engineered materials markets, today announced that its ICL Industrial Products segment ("ICL IP") is closing a production line in Israel that produces its FR-1210 (DECA) flame retardant product.
Due to the move to more sustainable products ICL previously decided to increase its R&D efforts to develop state-of-the-art alternatives to FR-1210 that are recommended by the SAFR™ (Systematic Assessment of Flame Retardant) tool that it has developed and will launch at CHINAPLAS in May 2015.
ICL IP's closure of the FR-1210 production line stems from customers moving to alternative suppliers, the competitive market for FR-1210, which includes numerous Chinese producers, the aforesaid move to more sustainable products, and the high cost of resuming production following a long strike which makes it uneconomical.
ICL IP remains committed to the flame retardant business and will work with all of its customers to ensure an orderly transition and phase out of its FR-1210 activities.
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. 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 dual listed on the New York Stock Exchange and the Tel Aviv Stock Exchange (NYSE and TASE: ICL). The company employs approximately 12,500 people worldwide, and its sales in 2014 totaled US$6.1 billion. For more information, visit the company's website at http://www.icl-group.com
About ICL Industrial Products
ICL-IP manufactures and markets a broad range of industrial chemicals based on phosphorous, bromine, magnesium, chlorine and salts. ICL-IP's 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 one of the world's largest phosphorous flame retardant providers and the industry's leading bromine company. ICL-IP supplies approximately one third of the world's elemental bromine. It employs approximately 2,500 employees in Israel and throughout the world.
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.