Israel Chemicals begins firing 144 at bromine plant

Stefan Borgas
Stefan Borgas

Israel Chemicals CEO Stefan Borgas says 600 employees will be fired in the next few years.

Israel Chemicals Ltd. (NYSE: ICL; TASE: ICL) has invited 144 employees at its Bromine Compounds Ltd. unit for hearing prior to being fired, sources inform "Globes."

The decision to begin the hearings is part of Israel Chemicals comprehensive streamlining plan for its plants in southern Israel. The company's management recently explained that the streamlining plan is necessary in order to adapt Israel Chemical's scope of activities if the recommendations on royalties for natural resources by the Sheshinski II Committee are implemented.

Concerned about the layoffs, the members of the Bromine Compounds workers committee have hired the services of former accountant general Prof. Yaron Zelekha to conduct talks with Israel Chemicals management.

Israel Chemicals said in response, "The bromine compound factory has seen a continual erosion in profitability in recent years as a result of the crisis in the world bromine market including a fall in demand for flame retardants, slow growth and a fall in prices. At the same time, there are the Sheshinski conclusions obligating royalties on downstream products, and government decisions in recent years obligating Israel Chemicals to pay an additional NIS 1.5 billion in revenues each year on top of the NIS 1 billion already paid."

"All these create an urgent need to find a new balance for the company's Israel activities including adopting a streamlining plan, reducing production costs, and the overall work force. This plan is vital for the continued existence over the long term for the bromine factory and its employees. As part of the negotiations and talks with the workers committee over the past few months, the company announced this morning it plans ceasing employment of 144 workers. The management calls on the committee to conduct serious and honorable talks to reach agreement in implementing the streamline plan."

Last week after publishing its third quarter financials, Israel Chemicals CEO Stefan Borgas told "Reuters" that 600 employees would be fired to reduce the company's workforce by 10-12% in the coming years.

Published by Globes [online], Israel business news - www.globes-online.com - on November 16, 2014

© Copyright of Globes Publisher Itonut (1983) Ltd. 2014

Stefan Borgas
Stefan Borgas
Unframe founders credit: Yossi Yarom Israeli AI enterprise platform co Unframe raises $50m

Unframe’s turnkey AI solutions enable companies to solve any enterprise AI use case at scale with fully functional, customized AI solutions for businesses in a matter of hours, rather than months.

Combatica credit: Combatica Combatica launches next-gen VR AI training platform

The Israeli company's virtual reality platform includes 50 AI generated scenarios, seven maps and even situations for operating night vision.

Shekel credit: Shutterstock Vladirina 32 Shekel volatility after US tariffs announcement

The shekel is weakening sharply against the euro, which is gaining following the unveiling of Donald Trump's tariffs plan.

Minister of Finance Bezalel Smotrich credit: Noam Moskovitz Knesset Spokesperson Treasury assesses potential damage to Israel's US exports

Israel will be charged a higher tariff on its exports to the US - its biggest export customer - than Turkey and the UAE.

Iranian flag credit: Shutterstock Why inflation haunts Iran

With a month-on-month increase of 3.3% and an annual rate of 37.1%, inflation reflects the struggles of millions of Iranians.

APM merges with lawyers from Doron, Tikotzky Kantor, Gutman credit: Eyal Merilos APM merges with 12 lawyers from Doron, Tikotzky Kantor, Gutman

With the addition of these 12 lawyers, Amit Pollak Matalon & Co. will now have 135 lawyers.

US President Donald Trump credit: Reuters Sipa USA Israel on list as Trump unveils tariffs

Relatively low reciprocal tariffs will be imposed on Israeli goods sold in the US.

Deflated unicorn credit: Shutterstock Big Tech 50 reports more huge falls in startup valuations

Israeli R&D partnership Big Tech 50 reports that an investment of $2 million in Orcam made in 2021, shrank to just $31,000 at the end of 2024.

NextFerm technologies based on yeast credit: NextFerm Food-tech co NextFerm suspends operations

The company, which produces food ingredients in yeast without genetic engineering, cannot pay its debts and is seeking a buyer.

Minister of Finance Bezalel Smotrich credit: Shlomi Yosef OECD sees recovery in growth but high inflation

The OECD Israel Economic Survey 2025 recommends that the Israeli government take several restraining measures, in order to exit the economic storm created by the war.

Dano Ben-Hur credit: Dror Sithakol Statisticians contradict BoI on impact of housing finance deals

The Central Bureau of Statistics insists the impact of 20/80 buy now pay later financing deals on the real estate market and housing prices is minimal.

Governor of the Bank of Israel Amir Yaron  credit: Government Press Office Debt fears top Bank of Israel's concerns

Most unusually, Governor of the Bank of Israel Amir Yaron's press conference last week did not focus on inflation and the impending interest rate decision.

US President Donald Trump  credit: Reuters/Leah Millis Israel moves to avoid Trump's tariffs axe

Minister of Finance Bezalel Smotrich has signed an order canceling all tariffs on imports from the US. The impact will mostly be on agricultural produce.

Forbes Rich List credit: Shutterstock Maslowski Marcin Wiz founders ranked in Forbes 2025 Rich List

There are a few dozen Israelis listed in the 2025 Forbes Real-Time Billionaires List including Wiz founders Assaf Rappaport, Yinon Costica, Roy Reznik and Ami Luttwak.

SatixFy CEO Nir Barkan credit: Ariel Barkan Canada's MDA Space to buy Israeli satcom co SatixFy

MDA Space will pay $269 million for the Israeli company, including taking on a $76 million debt and a 75% premium on SatixFy's closing price on Nasdaq yesterday.

Raising dollars credit: Shutterstock Israeli startups raised over $1b in March

Israeli privately-held tech companies have raised $2.1 billion in the first three months of 2025, according to IVC-LeumiTech, up 24% from the corresponding quarter of 2024.

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018