LAKE FOREST, IL - Just as snow and ice become a reality for much of the country, IMC Global Inc. announced the sale of its salt business to Compass Minerals Group Inc. for approximately $600 million.
IMC made the deal in order to strengthen its financial situation, according to Douglas Pertz, chairman, president and CEO of IMC Global. In addition to the cash, IMC Global also received a minority ownership position in Compass Minerals.
Compass Minerals Group, which also owns North American Salt Co., Great Salt Lake Minerals, Sifto Canada, and Salt Union, is an affiliate of Apollo Management, a private investment firm.
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