The deal values the former Rohm & Haas unit at $1.675 billion. It follows Dow Chemical's $16.5 billion buyout of Rohm & Haas, which closed on Wednesday.
"We are pleased that we reached an agreement with K+S at an attractive value in such a short period of time," said Dow Chairman and Chief Executive Andrew N. Liveris, in a statement. "This puts us ahead of schedule on our de-leveraging plan post the close of the Rohm and Haas acquisition."
Morton, founded in 1848, is based in Chicago and employs 2,900 people. It operates salt mines, solar evaporation facilities and vacuum pan operations capable of producing 13.1 million metric tons of salt a year, K+S said.
Dow Chemical said the Morton Salt divestiture is expected to close in mid-2009.
"We are pleased that we reached an agreement with K+S at an attractive value in such a short period of time," said Dow Chairman and Chief Executive Andrew N. Liveris, in a statement. "This puts us ahead of schedule on our de-leveraging plan post the close of the Rohm and Haas acquisition."
Morton, founded in 1848, is based in Chicago and employs 2,900 people. It operates salt mines, solar evaporation facilities and vacuum pan operations capable of producing 13.1 million metric tons of salt a year, K+S said.
Dow Chemical said the Morton Salt divestiture is expected to close in mid-2009.
