Compass Minerals More Than Doubles Document Storage Business Through Acquisition.OVERLAND PARK Overland Park, city (1990 pop. 111,790), Johnson co., NE Kans., a residential suburb of Kansas City; inc. 1960. There is printing and publishing, and the manufacture of apparel, aircraft parts, cement, prepared foods, salt, chemicals, marine accessories, and signs. , Kan. -- Compass Minerals (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 ) has acquired Interactive Records Management (IRM (1) (Information Resource Management) See Information Systems and information management. (2) (Inherited Rights Mask) In NetWare 3.x and 4. ), a London-based document storage firm, for approximately $7 million plus up to $2 million over the next 24 months contingent upon achieving revenue goals. The all-cash transaction was effective January 12, 2007 and is expected to be accretive in its first year. In 2006, IRM posted revenues of approximately $5.1 million. IRM will become a subsidiary of DeepStore Ltd., a Compass Minerals company that stores documents in excavated areas of the company's 160-year-old rock salt mine in Winsford, England. IRM has two sites in the London metropolitan area that will provide same-day document retrieval and a full range of records management services to London businesses. The Winsford site in northwest England will continue to provide cost-effective same-day document retrieval service to businesses in northern England and next-day retrieval service to businesses throughout the U.K. "This acquisition will give DeepStore a physical presence in the thriving London market," explained Angelo Brisimitzakis, Compass Minerals president and chief executive officer. "We can now provide the country's primary business center with the unparalleled combination of convenient local records management as well as economical, long-term storage in one of the most secure and stable environments in the U.K. DeepStore offers us the opportunity to leverage our unique asset base to profitably grow a complimentary non-seasonal business in a high-growth industry." On November 1, 2006, Compass Minerals acquired its joint venture partner's share of DeepStore, so its revenues were not consolidated in the company's financial statements prior to that date. DeepStore's 2006 revenues totaled $3.9 million. About Compass Minerals Based in the Kansas City metropolitan area, Compass Minerals is the second-leading salt producer in North America and the largest in the United Kingdom. The company operates ten production and packaging facilities, including the largest rock salt mine in the world in Goderich, Ontario. In addition, Compass Minerals 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, and magnesium chloride magnesium chloride Warning - High-alert drug! Chloromag, Mag 64, Mag Delay, Slo-Mag Pharmacologic class: Mineral Therapeutic class: , which is a premium 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 and dust control agent. The company produces products for highway and consumer deicing, water conditioning, consumer and industrial food preparation, agriculture and industrial applications. The company also provides records management services to businesses throughout the U.K. For more information, please visit www.InteractiveRM.com, www.DeepStore.com and www.CompassMinerals.com. 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 February 24, 2006. The Company will not update any forward-looking statements made in this press release to reflect future events or developments. |
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