Investor
Contacts:
Rodney L. Underdown
(913-344-9395)
Vice President and Chief Financial Officer |
Media
Contact:
Peggy Landon (913-344-9315)
Director of Investor Relations |
Peggy
Landon (913-344-9315)
Director
of Investor Relations |
|
Compass Minerals International's Stock
Commences Trading on the NYSE Today
Company President, Michael E. Ducey, Celebrates by Ringing The
Opening BellTM
OVERLAND PARK, Kan. (December 12, 2003)
– Compass Minerals International, Inc. will make its
debut on the big board this morning, trading under the ticker NYSE:CMP.
A total of 14.5 million shares of common stock are
being sold in a secondary offering at a price of $13.00 per share.
The shares are being sold by selling stockholders of the company,
which include Apollo Management Inc., IMC Global Inc. and employees
of the company and its subsidiaries. The company will open with
a market capitalization of $418 million and 32.2 million shares
outstanding on a fully diluted basis. The company's president and
CEO, Michael E. Ducey, will herald the stock's arrival by ringing
the NYSE's Opening Bell today.
Compass is the largest producer of rock, or highway
deicing, salt in North America and the United Kingdom and operates
the largest highway deicing salt mines in these regions. The company
is also the third largest producer of general trade salt in North
America and the second largest in the United Kingdom, serving major
retailers, agricultural cooperatives and food producers. In addition,
Compass is the largest producer of sulfate of potash in North America,
which is used in the production of specialty fertilizers.
The offering was led by Goldman, Sachs & Co. and
Credit Suisse First Boston. The underwriters have an option to purchase
up to 2,175,000 additional shares from the selling stockholders
to cover over-allotments. The company will not receive any of the
proceeds from the sale of shares by the selling stockholders. Compass
intends to declare an annual dividend of $0.75 per share, payable
quarterly beginning in 2004.
A copy of the prospectus relating to this offering
may be obtained from Goldman, Sachs & Co., 85 Broad Street,
New York, New York 10004, Attn: Prospectus Department; or Credit
Suisse First Boston LLC, One Madison Avenue, New York, New York
10010 (212-325-2580), Attn.: Prospectus Department.
The company's listing application includes additional
information upon which the New York Stock Exchange relied to list
the company. This information is available to the public upon request
to the NYSE.
A registration statement relating to these securities
was filed with and declared effective by the Securities and Exchange
Commission. The public offering is being made by means of a prospectus.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy common stock of Compass, nor shall
there be any sale of the securities in any state or jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification of the securities under the
securities laws of any such state or jurisdiction.
Certain
statements in 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 from those set forth in the
statements. There can be no assurance that such expectations will
prove to be correct. Factors that could cause the Company's results
to differ materially from current expectations include: general
economic and business conditions, industry trends, weather, raw
material costs and availability, changes in demand for the Company's
products, actions of the Company's competitors and the additional
factors and risks contained in the Company's registration statement
on Form S-1 filed with the Securities and Exchange Commission on
December 11, 2003.
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