Business in Brief Israel Chemicals Signs Pacts With China Despite Strike

Perrigo reports quarterly loss on acquisition; Strauss to stop supplying Eden Teva Market.

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A truck passes the potash fertilizer manufacturing plant at ICL Fertilizer's Dead Sea Works, part of Israel Chemicals Group, on the Dead Sea, May 2013.
A truck passes the potash fertilizer manufacturing plant at ICL Fertilizer's Dead Sea Works, part of Israel Chemicals Group, on the Dead Sea, May 2013.Credit: Bloomberg

ICL signs pacts with China despite strike

Israel Chemicals said Thursday it had signed agreements worth $346 million to supply its Chinese customers in China with 1.1 million metric tons of potash this year despite a strike that has snagged production. The agreements, which include options for an additional 100,000 metric tons, set the price for the first half of the year in line with what ICL called the prevailing market price in China of $315 a ton, an increase of $10 a ton over last year. Under the terms of the contracts, potash that can’t be shipped in the first half of the year because of a strike at ICL’s Dead Sea Works unit will be delivered in the second half. “The new contracts ... are an expression of their support of, and trust in, ICL notwithstanding potential supply problems as a result of the strike,” ICL said. ICL shares had edged down 0.1% to $6.94 midmorning local time in New York trading. (Yoram Gabison)

Perrigo reports quarterly loss on acquisition

Perrigo, the U.S. generic drug maker traded on the Tel Aviv Stock Exchange, said Tuesday it took a loss in the third quarter of fiscal 2015 as it prepared to buy a Belgian competitor. Perrigo, which is spurning an acquisition offer from Mylan (see story on page 16), lost $94.9 million, or 67 cents per share, in the quarter. But the company said that discounting charges related to its $4.5 billion purchase of Belgium’s Omega Pharma on March 30, it turned a profit of $1.85 a share. Perrigo’s revenue grew 4% to $1.05 billion. That put the quarter ahead of analysts’ forecasts, which was net income of $1.80 a share on $1.05 billion in revenue, according to Zacks Investment Research. Perrigo shares were down 0.7% at $200.15 at late morning Thursday local time in New York trading. (Associated Press)

Strauss will stop supplying Eden Teva Market

Strauss Group said Tuesday it would stop supplying the Eden Teva Market supermarket chain as of Sunday due to unpaid bills. Eden Teva Market failed to meet an April 15 deadline, amid a dispute by the retailer’s two shareholders — Alon Blue Square and founder Guy Provisor — over injecting capital into the joint venture. Alon Blue Square collects most of the receipts for Eden Teva Market, which operates 13 of its 20 stores inside Alon Blue Square’s Mega supermarkets, and has refused to transfer revenues to Eden Teva Market until the dispute is settled. For Strauss, Eden Teva Market is a small customer, but the blowup with Strauss adds to the financially ailing Mega’s other woes. Last week, Central Bottling Company, the Israel Coca-Cola bottler, blocked shipments to Mega supermarkets in a dispute over unpaid bills. (Yoram Gabison)



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