Contract Until End of 2008 Secures Price Increase of $400/Ton
TEL AVIV, Israel, April 30 /PRNewswire-FirstCall/ -- Israel Chemicals Ltd. ("ICL") (TASE: ICL), a multinational fertilizer and specialty chemicals company, today announced that it has signed a new potash supply agreement with a major customer in China, securing a price increase of $400 per ton compared to the previous contract.
Due to the potash quantity constraints that characterize today's tight markets, in which record demand has risen faster than supply, ICL Fertilizers has agreed to supply the customer with 300,000 tons of potash through the end of 2008, a quantity that represents 40% of ICL's original commitment according to a three-year agreement signed in 2006. Other international potash suppliers have recently agreed to supply 40% of their original commitment quantities in view of their inability to make up for the delayed timetable of the signing of this pricing agreement.
About ICL
ICL is one of the world's leading fertilizer and specialty chemicals companies. ICL produces approximately a third of the world's bromine and approximately 10% of its potash. ICL is a leading supplier of fertilizers in Europe and a major player in specialty fertilizer market segments. One of the world's most integrated manufacturers and suppliers of phosphate products, ICL has become the world's leading provider of pure phosphoric acid and a major specialty phosphate player. The Group employs approximately 9,900 employees worldwide.
ICL is comprised of three core segments: ICL Fertilizers, ICL Industrial Products and ICL Performance Products. Its major production activities are located in Israel, Europe, the US, South America and China, and are supported by major global marketing and logistics networks. ICL benefits from exclusive concessions to extract minerals from Israel's Dead Sea, a vast source of high-quality and low-cost potash, bromine, magnesium chloride and sodium chloride. ICL also mines phosphate rock from Israel's Negev Desert and potash and salt from its mines in Spain and the UK.
ICL's (Israel Chemicals Ltd.) shares are traded on the Tel Aviv Stock Exchange (TASE: ICL).
Press Contact:
Fleisher Communications and Public Relations
Amiram Fleisher
+972-3-6241241
amiram@fleisher-pr.com
SOURCE ICL - Israel Chemicals Ltd
International News / Press Release source: PR Newswire
Copyright PR Newswire. All Rights Reserved.