Israel Chemicals to expand Dead Sea bromine plant on higher Asia demand
JERUSALEM, Sept 10 (Reuters) - Israel Chemicals (ICL) ICL.TA, ICL.N said on Tuesday it was increasing its bromine compounds capacity after entering into several agreements with customers in Asia.
The company said it will invest about $50 million at its plant near the Dead Sea, where it has exclusive rights in Israel to extract minerals. It anticipates the expansion will generate additional revenues of $110 million a year starting 2021.
The expansion will increase production capacity of TBBA, a bromine compound used primarily in the manufacturing of printed circuit boards for the electronics industry by up to 25,000 metric tonnes annually, it said.
The new agreements in Asia follow a decrease in bromine production in China, said ICL, the word's largest producer of bromine and bromine-based products.
(Reporting by Ari Rabinovitch Editing by Steven Scheer)
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