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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, for approximately US$60.25 million, payable at closing and subject to a closing inventory adjustment.
The transaction represents another strategic step by Compass Minerals to optimise its asset portfolio to focus on the company’s core operations. This includes three location-advantaged salt mines in North America and the UK, a number of North American production and packaging facilities, and solar evaporation operations on the Great Salt Lake, Utah, US, that produce the majority of the company’s sulfate of potash, marketed as Protassium+
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Apr 09, 2021
Koch Agronomic Services is purchasing Compass Minerals North American micronutrient assets, the global intellectual property rights, with trademarks and patents, and certain other assets associated with the Wolf Trax, Rocket Seeds and Hydro Bullet product platforms. The sale agreement includes intellectual property, inventory, customer and marketing materials, and research and development projects already in progress for those product lines.
The transaction is expected to close in April 2021, subject to customary closing conditions.
“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, Compass Minerals president and CEO.
Koch Agronomic Services Acquires Compass Minerals North American Micronutrient Assets
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WICHITA, Kan., April 8, 2021 /PRNewswire/ Koch Agronomic Services, LLC (Koch) reached agreement with Compass Minerals (NYSE: CMP) to purchase Compass Minerals North American micronutrient assets, the global intellectual property rights, with trademarks and patents, and certain other assets associated with the Wolf Trax
®, Rocket Seeds
® and Hydro Bullet™ product platforms.
Through the acquisition of the micronutrient assets, Koch, a global leader in nitrogen management additives, will expand its ability to help growers across the world improve efficiency, utilization, and uptake of nutrients beyond nitrogen.