NEWS RELEASE
FATBOY buys into salt company.
JACKSONVILLE, Fla.--(BUSINESS WIRE)--Nov. 6, 1997--US Salt Corporation is pleased to announce that it has acquired the Watkins Glen Salt Evaporation Plant from Cargill Salt, a division of Cargill Industries, Incorporated.
Located in Watkins Glen, N.Y., the acquired plant utilizes a solution-mining process to manufacture salt products for the food grade, water conditioning, agricultural and industrial/textile markets.
US Salt will be managed by a group of executives, led by Mark C. Demetree, all of whom were previously employed by North American Salt Company, a subsidiary of Harris Chemical Group. Formed earlier this year by Demetree, First Union Capital partners, Inc. (a subsidiary of the First Union Bank Corporation), and other investors, US Salt specializes in the manufacture, distribution and marketing of salt and other inorganic chemicals.
Demetree, who was president of North American Salt from March 1993 to June 1997, will be president and chief executive officer of US Salt. "We plan to use Watkins Glen to serve as a platform for our strategy to build an inorganic chemical group through acquisition," said Demetree.
Headquartered in Jacksonville, US Salt Corporation employs 140 people. Further queries should be addressed to US Salt's General Manager, Gerry Murphy, who can be reached at 607/535-2721.
CONTACT:
US Salt Corporation, Watkins Glen, N.Y. |
