Tentative Pact Is Reached To Buy Akzo Salt Business
April 28, 2011
Cargill Inc. tentatively agreed to acquire Akzo Nobel NV's North American salt business, in a deal likely to make the Minneapolis company the nation's largest salt producer. The closely-held processor of agricultural and other commodities didn't disclose terms of its letter of intent with Spratt. But a spokesman for the Dutch chemical and pharmaceutical giant said the business it is selling has annual sales of about $450 million. Included in the purchase are all of Akzo Nobel Salt Inc.'s 1,780-employee operations in North America and the Caribbean, except for the Dutch company's salt mine and distribution center in Retsof, N.Y. The Retsof mine was closed in 2010 after it flooded and isn't expected to reopen. After Akzo earlier this year dropped a plan to spend $140 million on a new mine, it received ``numerous inquiries'' from buyers interested in the remaining operations, Akzo spokesman said. Eventually, he said, the board decided to divest itself of the operation.
