Stone Canyon Industries Holdings, Mark Demetree and Affiliates Announce Closing of Acquisition of K+S Americas Salt Business Including Morton Salt
LOS ANGELES, April 30, 2021 /PRNewswire/ -- Stone Canyon Industries Holdings LLC ("SCIH"), Kissner Group Holdings minority owner and CEO Mark Demetree, and affiliates today announced 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."
Morgan Stanley and Asset Chile SA served as financial advisors to SCIH and Gibson, Dunn & Crutcher LLP and Bennett Jones LLP served as legal advisors. Deutsche Bank and RBC Capital Markets served as financial advisors to K+S and Sullivan & Cromwell LLP and Borden Ladner Gervais LLP served as legal advisors.
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.
About Stone Canyon Industries Holdings
Stone Canyon Industries Holdings ("SCIH") is a global industrial holding company designed to "buy, build and hold" for the long term, with a strategy focused on acquiring and operating market leading companies including Kissner Group Holdings, Reddy Ice and SCI Rail. SCIH was founded by Co-CEOs Adam Cohn and James Fordyce. SCIH companies operate in essential industries that provide mission-critical products and services to customers around the world. SCIH seeks to build out industrial verticals in stable and mature industries that possess favorable economic dynamics, as well as an opportunity to build a substantial company that will make a difference. For more information, please visit www.scihinc.com.
About Morton Salt, Inc.
Morton Salt, Inc. is a trusted authority in salt in North America. The iconic Morton® brand, coupled with the broadest footprint in the industry, has made the company a leader since 1848. Morton produces salt for culinary, water softening, household, road deicing, food processing, chemical, pharmaceutical, and numerous other uses. Headquartered in Chicago, Morton Salt with its affiliates in the Bahamas and Canada has more than 3,500 employees committed to safety, quality, and service in the communities in which it operates. www.mortonsalt.com
About K+S
K+S considers itself a customer-focused, independent supplier of mineral products for the Agriculture, Industry, Consumers, and Communities segments. We enable farmers securing the world's food supply, provide solutions that keep industries running, enrich consumers' daily lives, and ensure safety in winter. From production sites in Europe, North America, as well as through a global distribution network, we serve the ever-increasing demand for mineral products. We strive for sustainability because we are deeply committed to our responsibilities towards people, the environment, communities, and the economy in the regions in which we operate. Learn more about K+S at www.kpluss.com.
SOURCE Stone Canyon Industries Holdings LLC
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