Well, that didn’t take very long. It’s been reported that Morton Salt is gutting 120 employees from its Chicago headquarters in the wake of its $3.2 billion takeover by the Kissner Group.
When the ink dried on this deal this summer, it brought together two major US salt produces to form a rock salt powerhouse, which is now controlled by the California-based industrial holding firm, Stone Canyon Industries. With more than 3,500 employees worldwide, many industry insiders believed a purge of Morton was bound to happen to reduce administrative redundancies.
Back in late April, Stone Canyon closed its acquisition of K+S Americas salt business, which included the iconic Morton Salt brand.
According to a statement issued by Morton: "We can confirm that Morton Salt made the difficult decision to reduce its corporate workforce by 120 employees in our Chicago offices. This was not a decision we took lightly, but after a comprehensive evaluation of our company's long-term financial outlook and our ability to become more competitive in the salt industry, this reduction was necessary to help meet our business goals. Impacted employees will receive severance or separation benefits, continued medical coverage and outplacement services to assist in finding new employment. We thank our employees for their service and wish them the best in their new endeavors."
For more info on this recent mega merger in the salt industry, CLICK HERE.