Koch Agronomic Services has completed its purchase of Compass Minerals' North American micronutrient assets, the global intellectual property rights, with trademarks and patents, and certain other assets associated with the Wolf Trax, Rocket Seeds and Hydro Bullet product platforms. The sale agreement includes intellectual property, inventory, customer and marketing materials, and research and development projects already in progress for those product lines.
"The agreement with Compass Minerals is consistent with Koch's vision of providing our customers with innovative solutions focused on plant nutrition," said Steve Coulter, senior vice president of Koch.
The purchase, combined with the sale of Compass's South American specialty plant nutrition business, highlights the company's focus on strengthening its balance sheet, said Kevin S. Crutchfield, Compass Minerals president and CEO.
Crutchfield said Compass intends to focus on producing and marketing raw and manufactured materials for the transportation, agricultural, chemical, food and animal nutrition sectors.
Koch will expand its nutrient business with the acquisition.
"At Koch, we strive to provide solutions to make every ton of nutrient applied more efficient than it is today, and this agreement allows us to offer a platform of innovative, efficiency solutions complementary to our existing products," Coulter said. "We are excited to enter the micronutrient business with three product lines that fit our customers' desire to improve distribution of micronutrients across the field in conjunction with dry fertilizers, as seed treatments and as foliar applications."
Koch markets and distributes a portfolio of enhanced efficiency fertilizer products in more than 55 countries.
"We look forward to fully integrating the products into our existing portfolio, along with the addition of new team members to better support new customers and geographies," said Coulter.