The strike at Israel Chemicals Ltd. (ICL) is expected to be officially over later today. Company and union sources said that an agreement had been reached to end the strike, which has dragged on for more than three-and-a-half months.
Final details of the agreement are to be made public later today, but Israeli media is reporting that the agreement includes the laying off of 40 workers with another 100 going on early retirement. The 100 employees slated for retirement will be divided equally at Dead Sea Works and Dead Sea Bromine Compounds, the two subsidiaries that went on strike in February.
The strike was one of the longest in Israel’s history. Earlier this month, ICL reported that the strike had led to a $200 million drop in revenues and a $76 million drop in profits in the first quarter of 2015. Potash sales during the quarter fell to $377 million versus $491 million in last year’s first quarter, while potash production fell to 834,000 mt versus last year’s 1.27 million mt. Total potash sales in the first quarter were 1.141 million mt versus 1.467 million mt last year, while inventories dropped sharply, falling to 607,000 mt at the end of the first quarter compared to 929,000 mt last year.