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ICL nets US$167M from sale of 50% stake in water treatment company

Israel Chemicals Ltd. said Dec. 10 that it completed the sale of its 50% stake in desalination and water treatment company IDE Technologies for about US$167 million, as part of the company's strategy to divest its non-core businesses.

The interest was purchased by a group comprising institutional bodies from Clal Insurance, the Israel Teachers' Union educational funds' group and Ayalon Insurance.

The company expects to record a capital gain of about US$40 million in the fourth quarter from the sale.

ICL recently agreed to sell its noncore fire safety and oil additives business units to SK Capital for about US$1 billion.