ICL Group Shares Rise
Shares of ICL (TASE:ICL) Group climbed 6.3% today, reaching their highest intraday level since May 24. This surge follows the announcement that Dead Sea Works Ltd., a subsidiary of ICL Group, has reached a new collective labor agreement.
The deal was finalized with the Dead Sea Works Workers Council, the General Organization of Workers in Israel (Histadrut), and the Histadrut’s Negev District branch.
Key Details of the Agreement
- The labor agreement will be retroactively effective from October 2022 and remain in force until the end of 2027.
- It includes a provision allowing extension through the end of 2028.
Financial Implications
ICL Group expects an expense of approximately $8 million for the fourth quarter due to a signing bonus associated with the labor agreement. However, the additional annual costs from implementing this agreement are not expected to materially impact ICL's financial position.
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