Compass Minerals Completes Sale of South America Plant Nutrition
Jul 1, 2021
OVERLAND PARK, Kan.--(BUSINESS WIRE)-- Compass Minerals (NYSE: CMP), a leading global provider of essential minerals, today announced it has completed the sale of the company’s South America specialty plant nutrition business to a subsidiary of ICL Group. The successful transaction represents a significant step in Compass Minerals’ prioritization of core assets and, by strengthening its balance sheet, enhances the company’s ability to pursue potential strategic growth opportunities.
Compass Minerals received upon closing gross sale proceeds of R$2.16 billion or approximately $432 million based on current exchange rates, comprised of a cash payment of approximately $325 million including $12 million in working capital adjustments, and an additional $107 million in net debt assumed by ICL. Compass Minerals is also eligible for an additional payment of up to approximately R$88 million in 2022, assuming the maximum amount of earn-out consideration. As previously announced, the company intends to use proceeds from the sale primarily to pay down debt.
The company’s South America chemicals business was not included in this completed transaction and that prior-announced sale process is ongoing.
About Compass Minerals
Compass Minerals (NYSE: CMP) 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. Its salt products help keep roadways safe during winter weather and are used in numerous other consumer, industrial and agricultural applications. And its plant nutrition business manufactures products that improve the quality and yield of crops, while supporting sustainable agriculture. Additionally, its specialty chemical business serves the water treatment industry and other industrial processes. The company operates 16 production and packaging facilities with more than 2,000 employees throughout the U.S., Canada, Brazil and the U.K. Visit compassminerals.com for more information about the company and its products.
About ICL
ICL Group LTD is a leading global specialty minerals and chemicals company that creates impactful solutions for humanity's sustainability challenges in global food, agriculture, and industrial markets. ICL leverages its unique bromine, potash and phosphate resources, its passionate team of talented employees, and its strong focus on R&D and technological innovation to drive growth across its end markets. ICL shares are dually listed on the New York Stock Exchange and the Tel Aviv Stock Exchange (NYSE and TASE: ICL). The company employs over 11,000 people worldwide, and its 2020 revenues totaled approximately $5.0 billion.
Source: https://www.compassminerals.com/info/news/compass-minerals-completes-sale-of-south-america-plant-nutrition/
