Compass Minerals and Veolia Environnement Divide Minosus Ltd. Along Strategic Priorities.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 ) and Veolia Environnement (NYSE:VE) have dissolved their U.K.-based joint venture, Minosus Ltd., effective November 1, 2006 in a cash-free transaction that created two independent businesses. Compass Minerals' U.K. subsidiary has assumed control and ownership of DeepStore, the former joint venture's document storage business, while Veolia Environmental Services, a subsidiary of Veolia Environnement and one of Europe's leading waste management companies, has assumed control and ownership of the inert waste disposal business. The waste disposal business will retain the Minosus name and will pay ongoing per-ton disposal fees to Compass Minerals' Salt Union Ltd. subsidiary. The document storage business and the waste disposal business are located in separate, excavated areas of Salt Union's 160-year-old rock salt mine in Winsford, England. "Minosus has been a successful joint venture because the partner organizations have worked exceptionally well together and, once again, together we've created a win-win strategy," said Angelo Brisimitzakis, 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. of Compass Minerals. "This transaction will give each of us the opportunity to more efficiently develop the Minosus business that best fits our corporate strategy, strengths and assets. DeepStore has a solid non-seasonal, growth-oriented business model and fits well with our management strengths. Similarly, the waste disposal business complements Veolia Environmental Service's integrated waste disposal business." DeepStore is now a subsidiary of Compass Minerals and its results will be consolidated in the company's financial statements. Through September 30, 2006, DeepStore has generated storage and service revenues of $2.7 million in 2006, which represents 51 percent growth over the prior year. DeepStore's 2005 full-year revenues totaled $2.5 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 deicing, consumer deicing, water conditioning, consumer and industrial food preparation, agriculture and industrial applications. 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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