Acquisition of the phosphates producer will boost the turnover of Israel Chemicals’ performance products division to $1 billion a year.
Israel Chemicals Ltd. (TASE: CHIM) today announced that it had completed the acquisition of US phosphates producer Astaris, after obtaining the required permits from the US authorities.
In its original announcement, Israel Chemicals said it had paid $255 million for Astaris’s assets, but the final price may be slightly different, because of adjustments in Astaris’s working capital (cash and inventory less current liabilities).
The acquisition of Astaris is expected to turn Israel Chemicals into the world’s largest producer of specialized phosphates, and contribute to its geographical operations in the Western Hemisphere.
Israel Chemicals said Asteris’s business would operate under the name of ICL Performance Products LP, and boost the turnover of ICL’s performance products division to $1 billion a year.
Published by Globes [online], Israel business news - www.globes.co.il - on November 6, 2005