Compass Minerals International Inc of Overland Park, KS has entered into a definitive agreement to sell its South America specialty plant nutrition business to ICL Brasil Ltda, a subsidiary of the ICL Group of Israel. The agreement provides for total potential gross cash proceeds of approximately US$418 million.
Raviv Zoller, ICL’s CEO, said, “ICL is looking forward to bringing together the South American Plant Nutrition business with its existing specialty plant nutrition portfolio in Brazil, one of the world’s fastest growing agriculture markets. We are also excited to welcome the strong team of professionals who operate the business to the ICL family.”
The transaction is expected to close in the third quarter of 2021, subject to customary closing conditions and required antitrust approval in Brazil.
Compass notes that the transaction does not include its chemical business in Brazil which is still on the sales block.
Volume 35, Issue 06