IMC Global Acquires Harris Chemical Group, Inc.

IMC Global Inc. (Northbrook, Ill.) this week completed its previously announced acquisition of privately held Harris Chemical Group, Inc. (HCG) and its Australian affiliate, Penrice Soda Products Pty. Ltd., for $1.4 billion. Under terms of the acquisition, IMC Global purchased all of Harris Chemical's equity for $450 million in cash and assumed approximately $950 million of debt.

According to a statement from IMC, the acquisition makes IMC Global the world's third-largest producer of salt and soda chemicals. Salt products are primarily used for road de-icing, food processing, water softeners and industrial applications. Soda chemicals are principally used in the manufacture of glass and numerous industrial and specialty chemical products. Other products acquired from Harris Chemical include sodium bicarbonate, boron chemicals, magnesium chloride and additional sulphate of potash capacity.

IMC Global is a leading producer and supplier of agricultural products and services, salt, and industrial chemicals. With 1997 revenues and EBITDA of nearly $3 billion and $530 million, respectively, the company is among the world's largest producers and marketers of phosphate and potash crop nutrients and animal feed ingredients.

Edited by Beth Brindle