Israel Chemicals Ltd (ICL) has agreed to sell its fire safety and oil additives (P2S5 or phosphorus pentasulfide) business units to SK Capital, for approximately $1 billion.
The business is part of ICL Specialty Solutions' advanced additives business line and has operations in North and South America, Europe, Australia and Asia.
The sale is expected to close in the first half of 2018.
ICL's major research and development capabilities in speciality chemicals, as well as its ability to identify business opportunities, have transformed the company into a global leader in several core and non-core businesses.
The business became part of ICL in 2005 and was transformed into a global leader through organic growth and complementary acquisitions. ICL's fire safety business unit is a leading supplier of chemicals and services for fighting wildfires, and class A&B foams to extinguish fires. ICL's oil additives business unit products are used in the manufacture of lubrication oil additives, mining chemicals and pesticides.
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