11 January 2011 17:18 [Source: ICIS news]
HOUSTON (ICIS)--Shares of US-based Compass Minerals traded higher on Tuesday following the acquisition of Big Quill Resources, a Canadian producer of sulphate of potash.
Compass acquired Saskatchewan-based Big Quill in an all-cash transaction valued at $56.3m (€43.4m).
Located on Big Quill Lake near Wynyard, Saskatchewan, Big Quill Resources produces high-purity sulphate of potash (SOP) for non-agricultural specialty applications as well as for nutrients used by growers of high-value crops and turf.
“Big Quill will both broaden and strengthen Compass Minerals’ specialty fertilizer segment,” said Compass Minerals chief executive Angelo Brisimitzakis.
The Wynyard site, with an annual capacity of approximately 40,000 short tons, produces much of its SOP by extracting naturally-occurring sulphate from the brine of Big Quill Lake and combining it with potassium chloride.
Based in Kansas City, Missouri, Compass Minerals is a producer of minerals, including salt, SOP specialty fertilizer and magnesium chloride.
The company provides highway deicing salt to customers in North America and the United Kingdom and specialty fertilizer to growers worldwide.
($1 = €0.77)
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