Compass Minerals (NYSE: CMP) has completed its purchase of a 35 percent stake in Produquímica Industria e Comercio S.A. (Produquímica), one of Brazil’s leading manufacturers and distributors of specialty plant nutrients.

“We look forward to growing a strong partnership with Produquímica,” said Fran Malecha, Compass Minerals president and CEO. “This investment, which includes a path to ownership by early 2019, complements our plant nutrition strategy and is a key step in reaching our growth targets.”

Compass Minerals acquired 35 percent of Produquímica for R$452.4 million (approximately US$116 million), subject to customary post-closing adjustments.

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