March 29, 2018 / 6:06 AM / a year ago

ICL to post $840 mln gain from sale of units to SK Capital

TEL AVIV, March 29 (Reuters) - Israel Chemicals (ICL) said on Thursday it expects to record a capital gain of about $840 million in the first quarter from the sale of its fire safety and oil additives units to SK Capital.

The $1 billion sale, announced in December, has been completed, ICL said in a statement.

It said intends to use the sale proceeds to immediately reduce its debt and “create resources to fulfil growth opportunities in light of its strategy”.

ICL has said the decision to sell the business is in line with its strategy to exit low synergy businesses as it focuses on its mineral operations. (Reporting by Tova Cohen)

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