|ICL completes its investment in phosphate joint venture in China|
Israel Chemicals Limited (ICL) has completed a 15% equity investment totalling US$250 million in Yunnan Yuntianhua Co. Ltd (YTH). YTH is the parent company of ICL’s phosphates joint venture partner in China, Yunnan Phosphate Chemicals Group Corporation Ltd (YPC), which is China’s leading phosphate producer.
The investment was approved by China’s Ministry of Commerce and its Securities Regulatory Commission, and the announcement was made in January.
ICL said that its investment in YTH is part of the formation of a phosphate joint venture by ICL and YTH and will deepen their strategic alliance. ICL takes the lead in managing the operation of YPH joint venture’s business, which has become a fully operating business unit of ICL, and whose results will be consolidated into ICL’s financial reports. The joint venture is expected to provide ICL with a platform to penetrate growing Asian specialty phosphate markets.
Over the next five years, ICL and YTH plan to build specialty plants and triple the JV’s white phosphoric acid capacity. The partners have also established a phosphate R&D platform in Kunming (Yunnan province), focused on developing nextgeneration phosphate-based products and process technologies for the YPH JV and their respective businesses.Please login or register to see the full article