Business
Compass Minerals Announces Cost Structure Reductions to Align With Current Business Needs
Company Eliminates Over 10% of Corporate Workforce Positions Shutters Fire Retardant ...
About this update from Cmp Mining, Inc.
[{"type":"text","content":"Compass Minerals Announces Cost Structure Reductions to Align With Current Business Needs\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n.bwuline { text-decoration: underline }\n \n\n\n\n\n\n Company Eliminates Over 10% of Corporate Workforce Positions\n \n\n\n\n\n\n Shutters Fire Retardant Business\n \n\n\n\n\n\n Compass Minerals (NYSE: CMP), a leading global provider of essential minerals, today announced measures to reduce selling, general and administration (SG&A) and other costs to help increase free cash flow and retire debt. These actions are part of a larger strategic refocus to improve the profitability of the company’s core Salt and Plant Nutrition businesses.\n \n\n As one part of the cost-saving initiatives, Compass Minerals reduced its corporate cost structure by eliminating over 10% of the company’s corporate workforce. Additionally, the company has decided to wind down its fire retardant business, Fortress North America (Fortress), and consequently terminate the employment of all associated Fortress employees. The combined actions, effective immediately, eliminate nearly 50 positions. To help further control costs, certain open and budgeted roles will not be filled moving forward. The company is working with impacted employees to offer severance packages and outplacement services. The company expects to realize cash savings on a go-forward basis from these actions.\n \n\n “Decisions such as these are never easy, but our board of directors and senior leadership team took a hard look at our cost structure and determined these actions were necessary to enable us to generate additional cash flow and accelerate our deleveraging,” said Edward C. Dowling Jr, president and CEO. “I’m grateful to departing employees for their service and to those remaining who will help us chart a new path in this next chapter. Moving forward, our company will be leaner with an intense focus on getting back to the basics of our core Salt and Plant Nutrition businesses in order to become a stronger and more profitable company.”\n \n\n Today’s actions build upon Compass Minerals’ previously announced cost control efforts, including the company’s ongoing efforts to align capital expenditures with the cash generation performance of the business. In t...