K + S, Morton Salt Sold for $3.2B

K + S, Morton Salt Sold for $3.2B

Stone Canyon Industries closes its deal that places the acquired rock salt ops under the Kissner Group Holdings banner and will divest its US Salt subsidiary.

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Stone Canyon Industries Holdings LLC, Kissner Group Holdings minority owner and CEO Mark Demetree, and affiliates announced Friday they have closed on their acquisition of K+S Aktiengesellschaft's Americas salt business, including Morton Salt, for a previously disclosed purchase price of $3.2 billion.

"We are excited to move to the next stage of SCIH's acquisition of the iconic Morton Salt brand and the family of K+S Americas products," said James Fordyce, Co-Chairman and Co-CEO of SCIH. "Combined with SCIH's Kissner Group Holdings, the Americas salt business offers an extensive line of products to consumers as well as governmental and commercial customers. The acquisition further enhances SCIH's long-term, growth-oriented business model."

The acquisition will be integrated into SCIH's Kissner Group Holdings, which SCIH acquired in 2020. Kissner is a leading pure-play producer and supplier of salt in North America. Headquartered in Overland Park, Kansas, Kissner produces bulk salt, specialty salt and evaporated salt for consumers, governmental and commercial customers across the United States and Canada.

The K+S Americas operating unit mainly comprises K+S Chile, formerly known as the Chilean company SPL, acquired by K+S in 2006, as well as Morton Salt (USA) and Windsor Salt Ltd. (Canada), acquired in 2009. Morton has more than 3,500 employees located in the U.S. and worldwide.

Mark Demetree, Executive Chairman and CEO of Kissner, said: "The closing of this acquisition is another milestone in our partnership with SCIH, and allows us to continue to expand Kissner's capabilities to deliver high quality products and service to our customers. We look forward to integrating Morton Salt and the other K+S Americas products into the SCIH family. And going forward, the combined company will be known as Morton Salt."

SCIH will divest its US Salt subsidiary, based in Watkins Glen, New York, as part of an agreement with the U.S. Department of Justice to proceed with the acquisition. US Salt has been in operation for over 100 years and is operated as an independent entity within SCIH.