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K+S Begins Process To Sell North & South America Salt Business

German potash and salt miner K+S said it has begun process for the sale of its salt business in North and South America. It expects to sign a deal before the end of this year.

Meanwhile, the company said it will focus on the core business with mineral fertilizers and specialties.

K+S said it will be further developed into a lean, performance-oriented supplier of fertilizers and specialties on the basis of solid financial resources.

But, the company noted that it has no plan to sell shares in the new Bethune potash plant in Canada.

The planned sale of the Americas salt business and the additional restructuring measures will allow the company to reduce debt by more than 2 billion euros over the next two years, the company said in a statement.

Meanwhile, K+S reported that its operating earnings or EBITDA for the financial year 2019 increased 6% to 640 million euros from the prior year. Group revenues remained almost stable in 2019 at just over 4 billion euros.

For 2020, the company expects EBITDA to be between 500 million euros and 620 million euros, compared to 640 million euros reported in 2019.

The company projects overall sales volumes in the customer segment Communities to be lower than a year ago, citing the weak start to the de-icing salt business in the first quarter of 2020.

The company will publish its financial year 2019 results on 12 March.

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