Broadening Product Offering to Include Plant Micronutrients
OVERLAND PARK, Kan.--(BUSINESS WIRE)--Mar. 20, 2014--
Compass Minerals (NYSE:CMP) has signed a definitive agreement to acquire
Wolf Trax, Inc., an innovative micronutrient company, in an all-cash
transaction valued at CA$95 million (US$85 million), subject to
customary post-closing adjustments.
“Wolf Trax® brand products are well recognized by fertilizer
customers for the differentiated technology they bring to the
application of micronutrients. This acquisition will position us for
future growth with new products that serve a greater diversity of crops
and geographies in a fast-growing segment of the plant nutrition
market,” said Fran Malecha, Compass Minerals president and CEO. “Both
Wolf Trax products and Compass Minerals’ sulfate of potash products
offer customers a compelling value proposition. With Wolf Trax’s strong
product development and value-added sales capabilities, we will become
the go-to source for premium plant nutrition products.”
Wolf Trax brand micronutrients are formulated to coat and adhere to each
prill of dry fertilizer, providing a more precise and effective way of
delivering important nutrients, such as boron, zinc, copper and
manganese, directly to the plant.
Headquartered in Winnipeg, Manitoba, Wolf Trax generated sales of
approximately CA$20 million in 2013. Compass Minerals will fund the
purchase with cash on hand.
For more information about Compass Minerals’ plans to acquire Wolf Trax,
please see the company’s presentation at www.CompassMinerals.com/presentation.
About Compass Minerals
Based in the Kansas City metropolitan area, Compass Minerals is a
leading producer of minerals, including salt, sulfate of potash
specialty fertilizer and magnesium chloride. The company provides
highway deicing salt to customers in North America and the United
Kingdom and specialty fertilizer to growers worldwide. Compass Minerals
also produces consumer deicing and water conditioning products,
ingredients used in consumer and commercial foods, and other
mineral-based products for consumer, agricultural and industrial
applications.
This press release may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act 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 the “Risk Factors”
sections of our Annual and Quarterly Reports on Forms 10-K and 10-Q. The
Company undertakes no obligation to update any forward-looking
statements made in this press release to reflect future events or
developments.
Source: Compass Minerals
Compass Minerals
Peggy Landon, 913-344-9315
Director of
Investor Relations and Corporate Communications
or
Theresa
Womble, 913-344-9315
Manager of Investor Relations