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Stone Canyon Industries Holdings, Mark Demetree and Affiliates Announce Closing of Acquisition of K+S Americas Salt Business Including Morton Salt
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LOS ANGELES, April 30, 2021 /PRNewswire/ Stone Canyon Industries Holdings LLC ( SCIH ), Kissner Group Holdings minority owner and CEO Mark Demetree, and affiliates today announced they have closed on their acquisition of K+S Aktiengesellschaft s Americas salt business, including Morton Salt, for a previously disclosed purchase price of $3.2 billion. We are excited to move to the next stage of SCIH s acquisition of the iconic Morton Salt brand and the family of K+S Americas products, said James Fordyce, Co-Chairman and Co-CEO of SCIH. Combined with SCIH s Kissner Group Holdings, the Americas salt business offers an extensive line of products to consumers as well as governmental and commercial customers. The acquisition further enhances SCIH s long-term, growth-oriented busi
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The Department of Justice (DOJ) announced in a press release on Monday that in order to preserve competition among table salt companies, it is going to require Stone Canyon Industry Holdings to divest US Salt before it acquires Morton Salt. The DOJ also filed a civil antitrust lawsuit in the District of Columbia District Court to block the acquisition alleging that consumers benefit from the competition between the two companies.
The DOJ said that a proposed settlement filed with the complaint, if approved, “would resolve the competitive harm alleged in the complaint. Under the settlement, Stone Canyon would divest its “entire evaporated salt business in order to proceed with their proposed acquisition,” and other assets, this includes divesting its subsidiary US Salt, which is a subsidiary of SCIH Salt Holdings Inc., formerly known as Kissner Group Holdings LP, which was acquired by Stone Canyon in April 2020.