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ICL to off-load 2 noncore businesses for US$1B

Israel Chemicals Ltd. agreed to sell its fire safety and oil additives business units to SK Capital for about US$1 billion as it looks to sell off its low-synergy assets, according to a Dec. 7 announcement.

The business is part of the company's specialty solutions' advanced additives business line and has operations in North and South America, Europe, Australia and Asia.

"The divestment will reduce debt leverage, and provide flexibility for the development of innovation and growth in ICL's specialty products and in precision agriculture," Executive Chairman Johanan Locker said.

The sale is expected to close in the first half of 2018.