Compass Minerals based in Overland Park, Kansas announced the sale of some of its salt mines and assets to Koch Agronomic Services LLC in a deal worth more than $60 million.
Considered a leading global provider of essential minerals, Compass sold three salt mines in North American and the U.K., some production and packing facilities and solar evaporation operations on the Great Salt Lake.
The solar evaporation operations produce the major of the firm’s sulfate of potash which is a low-chloride specialty fertilizer marketed as Protassium+.
The total deal was $60.25 million and is expected to close in the second quarter of 2021.
Compass has salt mining operations near Lyons, Kansas and in Louisiana as well as major facilities in Brazil.
“Today’s announcement, combined with the previously announced sale of our South America specialty plant nutrition business, highlights our strategic focus on strengthening our balance sheet and maximizing the productivity of our core operations,” said Kevin S. Crutchfield, president and CEO.
Source: press release