ICL Implements a Unique Long Term Incentive Plan for its Employees Worldwide
June 10, 2013 — Tel-Aviv, Israel (Source: PR Newswire) — ICL (TASE:ICL), a multinational fertilizer and specialty chemicals company ( the “Company”), today announced that its Board of Directors approved a Long Term Incentive Plan for approximately 11,300 of its employees around the world. The plan covers all employees except managers who participate in the Company’s option plan.
The unique Long Term Incentive Plan enables employees to benefit directly from ICL’s overall success regardless of the segment or unit of the company in which they work. The Long Term Incentive Plan is in addition to customary compensation and benefits granted to ICL’s employees. This new plan creates a direct link between the profit growth of the Company and its employees’ compensation. This investment into rewarding long term behavior of ICL’s employees is estimated to reach in aggregate cost around $45 million.
The amount of the compensation to be paid by the Long Term Incentive Plan will be based on the Company’s success during the next three years (2013-2015). The Long Term Incentive Plan payment is conditioned by the average net profit of ICL in each of the said three years, to be higher than the net profit in 2012. It is designed to ensure that all of ICL’s employees, regardless of their worldwide location, segment or subsidiary, benefit from the success of the Company, a global group with a variety of production sites worldwide and sales on every continent.
Commenting on this unique Long Term Incentive Plan, Stefan Borgas, ICL President & CEO, stated, “In order to ensure our continued growth and success over the next decade and exploit opportunities that globalization will offer in the near future, ICL must adopt a global perspective and cultivate a complete partnership between all of ICL’s employees worldwide. It is vital that all of us cooperate for the purpose of successfully engaging in the processes that will lead to our growth and improve ICL’s results, and that will also lead to additional compensation for each employee.”
Yakir Menashe, ICL’s Vice President for Human Resources, added, “This unique Long Term Incentive Plan is an expression of our deep belief that each of our employees plays an important role in executing the Company’s vision, aims and operations, and that we view every single employee as a partner in the Company’s success. ICL benefits from the successful, dedicated and professional employees and managers that have transformed it into a leading player in the international markets in which it operates, namely in the agriculture, food and specialty chemicals markets.”
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ICL is one of the world’s leading fertilizer and specialty chemicals companies. For a world challenged by population growth and scarce resources, ICL makes products that increase global food and water supplies and improve industrial materials and processes.
ICL produces approximately a third of the world’s bromine and is the 6th largest potash producer in the world. ICL is a leading supplier of fertilizers in Europe and a major player in specialty fertilizer market segments. One of the world’s most integrated manufacturers and suppliers of phosphate products, ICL has become the world’s leading provider of pure phosphoric acid and a major specialty phosphate player.
ICL is comprised of three core segments: ICL Fertilizers, ICL Industrial Products and ICL Performance Products. Its major production activities are located in Israel, Europe, the US, South America and China, and are supported by major global marketing and logistics networks. ICL benefits from exclusive concessions to extract minerals from Israel’s Dead Sea, a vast source of high-quality and low-cost potash, bromine, magnesium chloride and sodium chloride. ICL also mines phosphate rock from Israel’s Negev Desert and potash and salt from its mines in Spain and the UK.
ICL’s shares are traded on the Tel Aviv Stock Exchange (TASE: ICL).
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>