Israel Chemicals has bought over the 50% stake held by US speciality chemicals maker Chemtura in their bromine joint venture, Tetrabrom Technologies, to become sole owner, a Israel Chemicals spokesman said Tuesday.
Tetrabrom Technologies owns and operates a tetrabromobisphenol-A, or TBBA, fire-retardant production plant at Ramat Hovav in southern Israel, with a capacity of 45,000 mt/year of TBBA.
The financial details of the agreement, however, were not disclosed.
Israel Chemicals' bromine sales in the first nine months of this year amounted to $1.178 billion, versus $967 million in the corresponding period last year. Industry analysts estimated annual sales from Tetrabrom Technologies to reach $160 million in 2011.
TBBA accounts for 25% of the total global demand for bromine. Israel Chemicals is a leading producer of bromine with approximately one-third of global capacity.
