The ingredients business behind North American grocery retail brands Morton Salt and Windsor Salt has a new owner, it has been announced.
German chemicals and agribusiness company K+S Aktiengesellschaft has struck a deal to sell its Americas salt business to Los Angeles-based Stone Canyon Industries Holdings (SCIH), which owns North American salt producer Kissner Group Holdings.
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K+S, which, according to its 2019 annual report was the world’s largest supplier of salt products, said the sale price amounted to US$3.2bn, which the company disclosed represented 12.5 times the assets’ 2019 EBITDA of $257m. The closing of the transaction is expected to occur in summer 2021.
The Americas operating unit mainly comprises K+S Chile, formerly known as the Chilean company SPL, which K+S acquired in 2006, as well as Morton Salt (USA) and K+S Windsor Salt (Canada), both snapped up in 2009. K+S also owns salt brands including Saldoro in Germany and Cérébos in France.
“We look forward to the addition of the K+S Americas salt business to SCIH,” James Fordyce, co-CEO of SCIH, said. “With its iconic Morton Salt brand and other industry-leading products and solutions, the combination of the Americas salt business with SCIH’s Kissner Group Holdings allows us to expand our product offerings to consumers along with our existing government and commercial customers. The Americas salt business adds an integral component to SCIH’s long-term, growth-oriented business model.”
As well as US retail salt brand Morton and Canadian salt brand Windsor, the assets sold include Lobos, a table salt brand sold in Chile.
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By GlobalDataSCIH acquired Kissner Group Holdings in March. Kissner Group Holdings supplies salt to industries including road maintenance, pharmaceutical and food. Another of SCIH’s assets is US packaged-ice manufacturer Reddy Ice Holdings, acquired last year.
