Compass Minerals, Overland Park, Kan., said on April 12 that it has received an earn-out payment of approximately R$88 million, or US$18.5 million based on current exchange rates, associated with the sale of the company’s South America specialty plant nutrition business. This payment represents the maximum earn-out possible under the terms of the sale.
As previously announced, the company completed the sale of its South America specialty plant nutrition business to a subsidiary of ICL Group in July 2021 as part of its portfolio optimization efforts (GM July 2, 2021).
The company intends to use the proceeds from the earn-out payment to pay down debt.