Compass Minerals International Announces Sale of UK Evaporated Salt Plant to INEOS Enterprises.OVERLAND PARK, Kan. -- Compass Minerals International, Inc. (NYSE NYSE See: New York Stock Exchange : CMP CMP (cytidine monophosphate): see cytosine. (1) (CMP Media LLC, Manhasset, NY, www.cmp.com) Part of United Business Media, CMP is a leading integrated media company that offers a wide variety of publications and services in the information ) announced today that its British subsidiary, Salt Union Ltd., has sold its evaporated salt business in Weston Point, Cheshire to INEOS INEOS AN Nesmeyanov Institute of Organoelement Compounds (Russia) Enterprises for GBP GBP In currencies, this is the abbreviation for the British Pound. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 21.1 million ($36.3 million) in cash, concluding discussions that were announced November 9. The sale was effective December 30, 2005. Compass expects to use approximately $4 million of the proceeds to fund Salt Union's pension plan. The remaining proceeds will be used for general corporate purposes, including debt reduction. "Due to the changing nature of the chemicals industry in the U.K., this plant is a better strategic fit for INEOS Enterprises than it is for Salt Union," said Michael E. Ducey, Compass Minerals president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "This transaction creates value for Compass Minerals shareholders by allowing us to deploy our capital more effectively." Salt Union operates the largest rock salt mine in the United Kingdom at Winsford, Cheshire. That mine and the Minosus joint venture, which includes a document storage business and a waste disposal business, were not part of the transaction. "INEOS is gaining a well-run facility and skilled employees who will help the company capitalize on the evaporated salt business's many strengths," Mr. Ducey concluded. About Compass Minerals International, Inc. Based in the Kansas City metropolitan area, Compass is the second-leading salt producer in North America and the largest in the United Kingdom. The company operates nine production facilities, including the largest rock salt mine in the world in Goderich, Ontario. The company's product lines include salt for highway deicing De-icing is the process of removing ice from a surface. Anti-icing is the process of preventing ice from forming on a surface. Deicing can be accomplished by mechanical methods (scraping), through the application of heat, by use of chemicals designed to lower , consumer deicing, water conditioning, consumer and industrial food preparation, agriculture and industrial applications. In addition, Compass is North America's leading producer of sulfate sulfate, chemical compound containing the sulfate (SO4) radical. Sulfates are salts or esters of sulfuric acid, H2SO4, formed by replacing one or both of the hydrogens with a metal (e.g., sodium) or a radical (e.g., ammonium or ethyl). of potash, which is used in the production of specialty fertilizers for high-value crops and turf. About INEOS INEOS Enterprises is one of the companies in the INEOS family. With the recent acquisition of Innovene from BP, INEOS is now the world's third largest chemical company, with gross revenues of around $33 billion. INEOS includes 68 manufacturing facilities in 15 countries throughout the world. It has approximately 15,600 employees, generating more than 30 million metric tons of petrochemicals. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. 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 Compass Minerals International's annual report on form 10-k Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed with the Securities and Exchange Commission on March 16, 2005. The Company will not update any forward-looking statements made in this press release to reflect future events or developments. |
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