Israeli Prime Minister Benjamin Netanyahu is weighing what to do regarding the strike at Israel Chemicals Ltd. On March 7, he met with the heads of the unions at ICL. Netanyahu told the Israeli Cabinet on March 8 that the Finance Ministry’s Accountant General will conduct a broad examination of the issue of the state’s ‘golden share’ in ICL to review its actions in recent years and its investments in Israel as well as its future plans and the layoffs of workers.
Following Netanyahu’s statements the Finance Ministry’s legal advisor sent a letter to ICL CEO Stephan Borgas demanding information on the transfer of ICL activities overseas, including production lines, marketing, knowhow and technology and other activities. The finance ministry also asked whether ICL planned to change the percentage of activities in Israel versus outside of the country.
ICL management said in response that there is no connection to the ‘golden share’ held by the state to the regular management of the company and the need for cutting costs at its subsidiaries in Israel. The statement by management stressed that the streamlining plan adopted by the company is designed to strengthen and safeguard its existing plants in Israel and ensure their competitiveness.
In the meantime, ICL began implementing the layoffs at Dead Sea Bromine Compounds. The strike at the subsidiary as well as at Dead Sea Works is continuing.