Compass Minerals announced today that the sale of its South America chemicals business to a subsidiary of Cape Acquisitions LLC has been completed. The sale includes all remaining operations in Brazil, concluding the company’s previously announced plan to exit the South American market.

“We are pleased to have taken this final step in our Brazil sale process, further optimizing our asset base and enabling additional debt reduction,” said Kevin S. Crutchfield, president and CEO. “Our board and senior management team remain acutely focused on maximizing value within our core Salt and Plant Nutrition businesses, while strategically pursuing organic opportunities to accelerate the growth of our essential minerals portfolio into adjacent markets.”

Additionally, the company recently announced that it received the maximum earnout payment associated with the July 2021 sale of its South America specialty plant nutrition business to a subsidiary of ICL Group. 

Compass Minerals intends to use the proceeds from both the sale of its South America chemicals business and the earnout payment from the prior Brazil transaction to pay down debt. 

For more information, read the news release here.