Compass Minerals Receives Maximum Earnout Payment from 2021 Sale of South America Specialty Plant Nutrition Business
April 12 2022 - 4:15PM
Business Wire
Compass Minerals (NYSE: CMP), a leading global provider of
essential minerals, today announced it has received an earnout
payment of approximately R$88 million, or $18.5 million based on
current exchange rates, associated with the sale of the company’s
South America specialty plant nutrition business. This payment
represents the maximum earnout possible under the terms of the
sale.
As previously announced, the company completed the sale of its
South America specialty plant nutrition business to a subsidiary of
ICL Group in July 2021 as part of its portfolio optimization
efforts.
The company intends to use the proceeds from the earnout payment
to pay down debt.
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. The company’s salt products help keep roadways safe
during winter weather and are used in numerous other consumer,
industrial and agricultural applications. Its plant nutrition
business manufactures products that improve the quality and yield
of crops, while supporting sustainable agriculture. And its
specialty chemical business serves the water treatment industry and
other industrial processes. 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 15 production and packaging facilities with more
than 2,000 employees throughout the U.S., Canada, the U.K. and
Brazil. Visit compassminerals.com for more information about the
company and its products.
Forward Looking Statements
This press release may contain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including, without limitation, statements about the company's
use of proceeds. These statements are based on the company’s
current expectations and involve risks and uncertainties that could
cause the company’s actual results to differ materially. The
differences could be caused by a number of factors including those
factors identified in the “Risk Factors” and “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” sections of the company’s Annual and Quarterly Reports
on Forms 10-K and 10-Q, including any amendments, as well as the
company’s other SEC filings. The company undertakes no obligation
to update any forward-looking statements made in this press release
to reflect future events or developments, except as required by
law.
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Media Contact Rick Axthelm Chief Public Affairs and
Sustainability Officer +1.913.344.9198
MediaRelations@compassminerals.com
Investor Contact Douglas Kris Senior Director of Investor
Relations +1.917.797.4967 krisd@compassminerals.com
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