Production at Compass Minerals’ (NYSE: CMP) salt mine in Goderich, Ontario, will be temporarily reduced due to a strike called this morning by the Communications, Energy and Paperworkers Union Local 16-O. The company has strong deicing salt inventories following the historically mild winter season and believes mine management will be able to produce sufficient rock salt to meet its non-seasonal-customers’ needs while negotiations continue. The union represents approximately 380 employees at the mine.
“The company's proposed three-year agreement includes higher wages and attractive benefits and addresses additional jobs associated with the company’s investment in new mining technology. When negotiations were suspended by the union, we were in agreement on all issues but one management-rights topic. We’re confident that we can work with union leadership to reach a mutually satisfactory agreement,” said Angelo Brisimitzakis, Compass Minerals’ president and CEO. “We look forward to resuming normal operations soon, and with our current strong inventory position we expect to have no difficulty serving our highway deicing customers this season.”
About Compass Minerals
Based in the Kansas City metropolitan area, Compass Minerals is a leading producer of minerals, including salt, sulfate of potash 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. Compass Minerals also produces consumer deicing, water conditioning and pool products, ingredients used in consumer and commercial foods, and other mineral-based products for consumer, agricultural and industrial applications. The company also provides records management services to businesses throughout the U.K. For more information, visit www.compassminerals.com.This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the company's current expectations and involve risks and uncertainties that could cause the company's actual results to differ materially. The differences could be caused by a number of factors including those factors identified in the "Risk Factors" sections of our Annual and Quarterly Reports on Forms 10-K and 10-Q. The company undertakes no obligation to update any forward-looking statements made in this press release to reflect future events or developments.
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