By: ICN Bureau
Last updated : April 24, 2022 9:22 am
The sale includes all remaining Compass Minerals operations in Brazil, concluding the company’s previously announced plan to exit the South American market.
Compass Minerals, a leading global provider of essential 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 previously announced 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.”
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. The company intends to use the proceeds from the sale to pay down debt.
J.P. Morgan Securities LLC acted as exclusive financial advisor to Compass Minerals in connection with the sale.