ICL’s (Tel Aviv, Israel; www.icl-group.com) Performance Products segment (ICL PP) has agreed to sell its Germany-based Pharma, Cosmetics and Gypsum (PCG) business to an affiliate of One Rock Capital Partners (New York, N.Y.). The share and asset purchase transaction is expected to close in the near term, subject to the completion of certain customary conditions.
ICL’s PCG business units are engaged in the production of active ingredients for antacids and antiperspirants, as well as products for dental applications. The sale of the PCG business units is part of ICL’s ‘Next Step Forward’ strategy to divest its non-core businesses to focus on its core businesses in the agriculture, food and engineered materials markets and to optimize its positioning in those markets. One Rock’s purchase of the PCG businesses is in line with its investment strategy, and will provide One Rock with an opportunity to expand its activities in the global chemicals industry.
Commenting on the sale of the PCG business units, ICL PP’s President & CEO, Mark Volmer, stated, “ICL PP intends to use the proceeds from the sale of our PCG businesses to strengthen our core businesses in the food and engineered materials markets, and to expand our global presence, especially in emerging markets. We are certain that we have found an optimal owner for our PCG units that will develop their businesses and increase their activities globally. This transaction is opportune not only for ICL and One Rock, but also for PCG’s dedicated and talented team of employees”