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OVERLAND PARK, Kan. — Compass Minerals (NYSE: CMP), a leading global supplier of critical minerals, today announced that it has received an earn-out of approximately R$88 million, or $18.5 million based on current exchange rates, associated with the sale of the company’s specialty plant nutrition business in South America. This payment represents the maximum additional price possible under the terms of the sale.
As previously announced, the company completed the sale of its South American specialty plant nutrition business to an ICL Group subsidiary in July 2021 as part of its portfolio optimization efforts.
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The company intends to use the proceeds of the earnout to repay the debt.
About Compass Minerals
Compass Minerals (NYSE: CMP) is a leading global provider of critical minerals focused on delivering safely where and when it matters to help solve nature’s challenges for customers and communities. The company’s saline products contribute to winter road safety and are used in many other consumer, industrial and agricultural applications. Its plant nutrition business manufactures products that improve crop quality and yield, while supporting sustainable agriculture. And its specialty chemicals business serves the water treatment industry and other industrial processes. Additionally, the company is pursuing the 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 flame retardant company. Compass Minerals operates 15 production and packaging facilities with over 2,000 employees in the United States, Canada, United Kingdom and Brazil. Visit compassminerals.com for more information about the company and its products.
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 products. 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 the 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. the company on Forms 10-K and 10-Q, including any amendments, and other filings by the company with the SEC. 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.
Director of Public Affairs and Sustainable Development
Senior Director of Investor Relations