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Source: Compass Minerals news release

OVERLAND PARK, Kan.--Compass Minerals (NYSE: CMP), a leading global provider of essential minerals, today announced that the company has entered into a definitive agreement to sell certain of its North America micronutrient assets to Koch Agronomic Services, LLC (Koch), a subsidiary of Koch Industries, for approximately $60.25 million, payable at closing and subject to a closing inventory adjustment.

The transaction represents another strategic step by Compass Minerals to optimize its asset portfolio to focus on the company's core operations. This includes three location-advantaged salt mines in North America and the U.K., a number of North American production and packaging facilities, and solar evaporation operations on the Great Salt Lake that produce the majority of the company's market-leading sulfate of potash, a premium low-chloride specialty fertilizer marketed as Protassium+.

"Today's announcement, combined with the previously announced sale of our South America specialty plant nutrition business, highlights our strategic focus on strengthening our balance sheet and maximizing the productivity of our core operations," said Kevin S. Crutchfield, president and CEO. "We look forward to continuing to drive value for all stakeholders while producing and marketing an array of raw and manufactured materials supporting the transportation, agricultural, chemical, food and animal nutrition sectors."

Under the terms of the agreement, Compass Minerals will sell substantially all assets related to the company's Wolf Trax, Rocket Seeds and Hydro Bullet micronutrient product lines to Koch. The sale agreement includes intellectual property, inventory, customer and marketing materials, and research and development projects already in progress for those product lines.

"At Koch, we strive to provide solutions to make every ton of nutrient applied more efficient than it is today, and this agreement allows us to offer a platform of innovative solutions for nutrients beyond nitrogen," said Steve Coulter, senior vice president of Koch. "We look forward to continuing the growth of these products and supporting our customers' micronutrients needs."

The transaction is expected to close in the second quarter of 2021, subject to customary closing conditions.

About Compass Minerals

Compass Minerals (NYSE: CMP) is a leading provider of essential minerals focused on safely delivering where and when it matters to help solve nature's challenges for customers and communities. Its salt products help keep roadways safe during winter weather and are used in numerous other consumer, industrial and agricultural applications. And its plant nutrition business manufactures an innovative and diverse portfolio of products that improve the quality and yield of crops, while supporting sustainable agriculture. Additionally, its specialty chemical business serves the water treatment industry and other industrial processes. The company operates 21 production and packaging facilities with more than 3,000 personnel throughout the U.S., Canada, Brazil and the U.K. Visit for more information about the company and its products.

About Koch Agronomic Services, LLC

Koch Agronomic Services, LLC and its affiliates produce and market a proven and expanding global portfolio of plant performance technologies for agriculture producers and turf and ornamental professionals. With a commitment to creating real, sustainable, long-term value for customers and society, Koch Agronomic Services, LLC focuses on developing customer-driven solutions to maximize plant performance and minimize environmental impact. Koch Agronomic Services, LLC is a subsidiary of Koch Ag & Energy Solutions, LLC.

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