ICL Group Stock Reaches New Heights Since May

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ICL Group Stock Reaches New Heights Since May

ICL Group shares rose by 6.3% today, reaching their highest intraday level since May 24. This increase followed the announcement that Dead Sea Works Ltd., a subsidiary of ICL Group, had reached a new collective labor agreement. The agreement was concluded with the Dead Sea Works Workers' Council, the Israeli General Workers' Organization (Histadrut), and Histadrut's Negev Region branch.

The newly signed labor contract is planned to be retroactively effective from October 2022 and will remain valid until the end of 2027. Additionally, the contract includes a clause that allows Histadrut and the Dead Sea Works Workers' Council to extend the term of the agreement until the end of 2028.

In terms of financial implications, ICL Group anticipates an expense of approximately $8 million for the fourth quarter. This expense is primarily attributed to the signing bonus that is part of the labor agreement. Furthermore, ICL Group assessed that the additional annual costs arising from the implementation of this agreement are not expected to have a significant impact on its financial condition.