SK Capital, a private investment firm focused on the specialty materials, chemicals and pharmaceuticals sectors, is to acquire the Fire Safety and Oil Additives Businesses of Israel Chemicals Ltd. (NYSE and TASE: ICL), for approximately $1 billion.
The transaction is expected to close in the first half of 2018, before which a new trade name will be selected and announced for the company.
The businesses, headquartered in St. Louis, Missouri, have global operations and are market leaders in each of their segments. The ICL Fire Safety business is a formulator and manufacturer of fire management chemicals. Its Phos-Chek fire retardants, Class A and B foams, and water enhancing gels are chemical solutions for managing wildland, military, industrial and municipal fires, and are used in partnership with fire management agencies across the globe.
The ICL Oil Additives business provides phosphorus pentasulfide used in the preparation of ZDDP-based lubricant additives, in critical engine anti-wear solutions that lead to prolonged combustion engine function, as well as in pesticide and mining chemicals applications.