Israel Chemicals threatens to halt local investment

The Sheshinski Committee recommendations are bad mistake, the company said.

Israel Chemicals Ltd. (TASE: ICL) has fiercely criticized the recommendations of the Sheshinski II Committee and warned that, "implementation of the recommendations might lead to a reduction of activities in Israel and badly hit the livelihood of 30,000 families in the Negev."

Israel Chemicals said in a statement following publication of the recommendations today, "The interim recommendations of the Sheshinski Committee are a bad economic and social mistake that will compel Israel Chemicals to halt most of its investments in Israel, and force it to focus on lowering expenses and reducing activities in Israel in favor of increasing activities in plants overseas alongside new investments abroad."

Israel Chemicals added that implementation of the recommendations would be a fundamental violation of its concession agreement and the salt harvesting agreement and rise in royalties from 2012, and the company plans realizing its legal rights.

Published by Globes [online], Israel business news - - on May 18, 2014

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

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