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State demands explanations from Israel Chemicals

Stefan Borgas
Stefan Borgas
23 Feb, 2015 14:42
שלח תגובה במיילYuval Azulai

The Finance Ministry is mulling the use of its "golden share" in the dispute over layoffs at Israel Chemicals.

The state is intervening in the crisis at Israel Chemicals (TASE: ICL: NYSE: ICL): the legal adviser at the Ministry of Finance, Adv. Joel Baris, has asked Israel Chemicals CEO Stefan Borgas to provide him with an immediate report on the company's intention of laying off 140 workers at its Bromine Compounds unit in Ne'ot Hovav. In his letter, Baris demands "every relevant detail concerning this intention, including the possibility that production lines in Israel will be shut down."

Baris states that the request for an immediate report is for the purposes of examining "the possibility of exercising the state's rights in Israel Chemicals by virtue of the special share it holds in the company and for the purposes of securing the state's vital interests in the company."

This morning, residents of Arad blocked the entrances to the town, and municipal workers went on strike in protest against Israel Chemicals intention of laying off workers in the south of Israel. Despite the prolonged protest in the south, Israel Chemicals management remains adamant that the layoffs are essential in order to make the company more efficient.

Published by Globes [online], Israel business news - www.globes-online.com - on February 23, 2015

© Copyright of Globes Publisher Itonut (1983) Ltd. 2015

Stefan Borgas
Stefan Borgas
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