Compass Minerals Completes Sale of South America Chemicals Business
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Compass Minerals has completed the sale of the company’s South America chemicals business to a subsidiary of Cape Acquisitions. The sale includes all remaining Compass Minerals operations in Brazil, concluding the company’s plan to exit the South American market.
“We are pleased to have taken this final step in our Brazil sale process, further optimizing our asset base and enabling additional debt reduction,” said Kevin S. Crutchfield, president and CEO.
“Our board and senior management team remain acutely focused on maximizing value within our core salt and plant nutrition businesses, while strategically pursuing organic opportunities to accelerate the growth of our essential minerals portfolio into adjacent markets,” added Crutchfield.
Upon closing of the all-cash transaction, Compass Minerals received gross sale proceeds of approximately R$236 million, or $51 million based on current exchange rates, subject to a post-closing adjustment.
About Compass Minerals
Compass Minerals is a leading global provider of essential minerals focused on safely delivering where and when it matters to help solve nature’s challenges for customers and communities. The company’s salt products help keep roadways safe during winter weather and are used in numerous other consumer, industrial, chemical and agricultural applications. Its plant nutrition products help improve the quality and yield of crops, while supporting sustainable agriculture. Additionally, the company is pursuing development of a sustainable lithium brine resource to support the North American battery market and is a minority owner of Fortress North America, a next-generation fire retardant company. Compass Minerals operates 12 production and packaging facilities with nearly 2,000 employees throughout the U.S., Canada, and the U.K.
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