ETF News

Israel Chemicals unveils strategy, sets 5-year targets

TEL AVIV, March 8 (Reuters) -

* Israel Chemicals (ICL) on Thursday launched a new strategy based on improving the competitiveness of its mineral assets such as potash, phosphates and bromine while accelerating growth in advanced crop nutrition.

* ICL plans to invest tens of millions of dollars in the coming years in entrepreneurial initiatives, innovation and development of agricultural technologies.

* “We are examining cooperation with several strategic partners, establishment of innovation laboratories, as well as a broad spectrum of investment options, from investments in funds, to establishment of venture capital funds and to direct investment in startups,” Chairman Johanan Locker said.

* ICL has a target to reduce potash costs per tonne by 10-15 percent over five years and maintain stable potash production of 5 million tonnes.

* It is also targeting an increase in semi-specialty sales to $400 million within five years from $100 million and over $1 billion in sales of advanced crop nutrition within five years.

* At ICL UK, a significant reduction in its loss is expected in 2018 with profitability expected from 2020. (Reporting by Tova Cohen Editing by Steven Scheer)