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Israel Chemicals looks to divest assets worth $500 million

Reuters

JERUSALEM, June 22 (Reuters) - Israel Chemicals (ICL) is looking to sell off subsidiaries and assets with "low synergies" worth at least $500 million, Chairman Johanan Locker said on Thursday.

Locker, speaking at an investors' conference, did not elaborate on which assets ICL -- one of the world's largest suppliers of crop nutrient potash -- would divest.

He said ICL, which has been hurt by a drop in potash prices, was looking to create available sources of financing for further investments and also to lower debt.

The board, he noted, was formulating a new strategy to guide the future plans and operations of the company to grow ICL's specialty solutions division and further strengthen the competitiveness of its commodity assets. (Reporting by Steven Scheer, Editing by Ari Rabinovitch)