ICL divests shoe reinforcement materials biz Rhenoflex to Findos Investor

ICL, the Israeli specialty minerals company, has announced that its ICL performance products segment (ICL PP) has entered into an agreement to sell its Rhenoflex business unit based in Ludwigshafen, Germany, and in China to Findos Investor, a German-based mid-market financial investor. Rhenoflex is a leading supplier of high-end shoe reinforcement materials and orthopedic parts to leading brands in the global footwear industry. The transaction is expected to close during the first quarter of 2015.
 
Rainer Gruber, managing director of Rhenoflex, said, “We look forward to building on Rhenoflex’s existing reputation as a technology front-runner and innovator in our industry, as well as a market leader with unparalleled products and service capabilities for the footwear industry. This is an opportune transaction for ICL and Findos, as well as Rhenoflex’s dedicated employees.”
 
The sale of the Rhenoflex business unit is part of ICL’s ‘Next Step Forward’ strategy to divest its noncore businesses to focus on its core businesses in the agriculture, food and engineered materials markets and to optimise its positioning in those markets. The products manufactured by Rhenoflex are not based on ICL's core minerals.
 
Mark Volmer, CEO, ICL PP, added, “ICL will use the proceeds from the sale of Rhenoflex, as well as from the divestment of additional non-core assets, to strengthen its core businesses, pursue operational excellence, build out ICL’s distinctive mineral assets and technologies, and expand its global presence, especially in emerging markets.”