ICL Completes the Sale of its 50% Share of IDE Technologies for Approximately $167 Million

ICL a leading global specialty minerals and specialty chemicals company, announced that it has completed the sale of its 50% share of IDE Technologies, a desalination and water treatment company. The net proceeds received, after adjustments, amount to approximately $167 million. ICL expects to record a capital gain of approximately $40 million from the sale in the fourth quarter of 2017. The purchaser of ICL's share is a limited partnership whose limited partners include institutional bodies from the Clal Insurance Company Ltd., the Israel Teachers' Union educational funds' group and Ayalon Insurance Company and whose general partner is controlled by Avshalom Felber, IDE's CEO. A global leader in water treatment solutions, IDE specializes in the development, engineering, construction and operation of enhanced desalination and industrial water treatment plants. The water treatment company was a non-core business of ICL, and its divestment is part of ICL's strategy to divest businesses with low synergy to the company's main mineral chains and to grow ICL's specialty businesses while carefully managing its capital allocation.