ICL’s phosphorus specialties go to SK

Israel’s ICL is selling two phosphorus chemical businesses to the private equity firm SK Capital for about $1 billion. One business makes phosphorus pentasulfide, used in lubricants, mining chemicals, and pesticides. The other business makes firefighting mixtures, based on ammonium phosphate and other ingredients, that are air-dropped onto forest fires. In the past 12 months, the businesses generated $112 million in operating profits on $294 million in sales. ICL says it is selling them because they have limited fit with its other phosphorus-related businesses such as phosphoric acid.