Israel Chemicals Ltd. (NYSE: ICL; TASE: ICL) today announced that it has increased 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 Israel Chemicals Industrial Products division and its customers.
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Israel Chemicals VP Industrial Products Industrial Solutions Ran Oren said, “Israel Chemicals 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 Israel Chemicals Industrial Products’ continued investment in its business. In addition, Israel Chemicals Industrial Products recently announced restructuring plans for the purpose of reducing our overall costs and to improve our competitive position.”
Israel Chemicals recently sold a 50% stake in its two bromine plants to Albemarle Corporation (NYSE: ALB).
Published by Globes [online], Israel business news – www.globes-online.com