Sources inform "Globes" that the struggle by Israel Chemicals Ltd. (TASE: ICL) workers committees at its various units to receive a share of the company's profit is bearing fruit. Management at ICL's Dead Sea Periclase and Dead Sea Bromine factories have agreed to grant employees one-time bonuses worth a total of NIS 10-15 million.

The bonuses on offer could be worth an average of NIS 10,000 per employee, and will be paid in the coming days.

The struggle began two months ago when workers were infuriated by the government's announcement that senior executives would receive option packages worth NIS 203 million. The workers committee demanded that all employees receive some form of profit sharing, and in some ICL factories work sanctions were taken.

The company refused to link the bonuses with the options package for senior managers. The payments are officially defined as a reward for the workers' contribution to the great efforts invested in 2009, which resulted in substantial savings. The deal was concluded today with the bromine factory workers committee chairman Avner Ben Senior signing on behalf of the employees.

ICL's management said, "The company's management and workers' committee reached an agreement on the subject of payment to employees at the bromine and periclase factories over the retirement plan implemented last year and other streamlining measures."

Employees at other ICL factories will now be demanding similar bonuses.

ICL's share was up 0.49% to NIS 51.35 in afternoon trading on the TASE>

Published by Globes [online], Israel business news - www.globes-online.com - on March 16, 2010

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