K+S and Dow Chemical receive FTC nod for Morton Salt

30 Sep '09

2 min read

K+S Aktiengesellschaft and The Dow Chemical Company announced jointly that the United States Federal Trade Commission (FTC) has voted to accept a consent decree agreed to by K+S Aktiengesellschaft.

The acceptance of the consent decree by the FTC clears the parties to close the acquisition by K+S of Morton International Inc., the salt business of Rohm and Haas Company. The two companies expect that the closing of the transaction will take place within the next few days.

K+S already fulfilled the requirements by the FTC for selling bulk de-icing salt assets in Maine and Connecticut. The impact on the business, generated by these divestitures is minor. Following the acquisition of Morton Salt, K+S will become the largest salt producer in the world.

Dow will use the USD 1.68 billion in gross proceeds from the sale of Morton Salt to fully pay off the balance of a bridge loan Dow used to partially fund its acquisition of Rohm and Haas. The payoff of this short-term financing facility comes well ahead of Dow's goal to pay the loan off by the end of the year.

K+S is one of the world's leading suppliers of speciality and standard fertilizers, plant care as well as salt products. With its products and brands, K+S offers its customers a range of needs-based goods and services which provides growth opportunities in virtually every sphere of daily life.

Dow is a diversified chemical company that combines the power of science and technology with the "Human Element" to constantly improve what is essential to human progress. The Company delivers a broad range of products and services to customers in approximately 160 countries, connecting chemistry and innovation with the principles of sustainability to help provide everything from fresh water, food and pharmaceuticals to paints, packaging and personal care products.

K+S Aktiengesellschaft

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