June 10, 2020 / 8:54 AM / a month ago

K+S to strike sale deal for Americas salt business this year

June 10 (Reuters) - German minerals miner K+S aims to agree a sale of its salt business in the Americas by the end of 2020, Chief Executive Burkhard Lohr said on Wednesday.

The world’s largest salt producer had said in mid-March that it would sell the business, which accounts for more than one third of group sales, to reduce debt levels that had soared after its investment in a new potash mine in Canada.

K+S will only complete the sale and receive payment after 2021, but other measures it has been implementing to reduce debt should strengthen its balance sheet by more than 2 billion euros ($2.3 billion) by that time, Lohr said at the company’s annual general meeting.

The coronavirus crisis has not had a large impact on the company’s preparations for the transaction, he added. ($1 = 0.8794 euros)

Reporting by Zuzanna Szymanska in Gdansk Editing by David Goodman

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