ICL CEO Stefan Borgas (R) and Dutch Prime Minister Mark Rutte.
(photo credit: ISRAEL CHEMICALS (ICL))
Israel Chemicals (ICL), one of the largest public companies in Israel, inaugurated its European headquarters and Shared Services Center in Amsterdam over the weekend.
Dutch Prime Minister Mark Rutte participated in the inaugural event, praising the company for bringing 300 jobs to Amsterdam (250 will be new hires).
"Although Israel Chemicals has maintained a strong presence in Europe for over a half a century, we believe that the establishment of our new European headquarters in Amsterdam will strengthen our business activities as well as our long-standing relationships with our European customers, suppliers and other stakeholders," said ICL CEO Stefan Borgas.
Though ICL has been shedding jobs in Israel, it has been focusing on an increasing global strategy, investing over a billion dollars in foreign operations.
The copany plans to invest $452 million for 50% ownership of a joint venture that will operate a fully integrated, phosphate business in China. Israel Chemicals will also take a 15% strategic holding in Yunnan Yuntianhua, one of Asia's leading producers of phosphate rock, which is traded on the Shanghai stock exchange with a market cap of $1.8 billion.
Back home, however, it plans some hundreds of layoffs as part of its restructuring, including 135 workers at Dead Sea Works and 144 at Bromine Compounds at Neot Hovav.
With the completion of the downsizing at these sites, the company plans to consolidate head offices in the group and carry out a restructuring, in the course of which 30 more employees will be laid off.