04/08/2021 | News release | Distributed by Public on 04/08/2021 05:37
Compass Minerals has entered into a definitive agreement to sell certain of its North America micronutrient assets to Koch Agronomic Services, LLC (Koch), a subsidiary of Koch Industries.
Expected completion of the transaction is in the second quarter of 2021, subject to customary closing conditions. The transaction represents another strategic step by Compass Minerals to optimize its asset portfolio to focus on the company's core operations.
'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. 'We look forward to continuing to drive value for all stakeholders while producing and marketing an array of raw and manufactured materials supporting the transportation, agricultural, chemical, food and animal nutrition sectors.'
Under the terms of the agreement, Compass Minerals will sell substantially all assets related to the company's Wolf Trax®, Rocket Seeds® and Hydro BulletTM micronutrient product lines to Koch.
For more information, you can read the full news release announcing the transaction here.