K+S Aktiengesellschaft, a supplier of speciality and standard fertilisers, plant care and salt products, has come to an agreement with Dow Chemical subsidiary Rohm and Haas to acquire all of the stock it owns in Morton Salt.
The transaction, which is still subject to customary closing conditions, including regulatory approval, values Morton Salt at $1.675bn (£1.167bn).
Morton, a producer of consumer, industrial and de-icing salt in North America, achieved revenues of $1.2bn (£0.8bn) and EBITDA of $270m (£188m) in 2008.
Morton operates six rock salt mines, seven solar evaporation facilities, 10 vacuum pan operations as well as 62 salt stockpiles and 61 distribution centres.
Its annual salt production capacity amounts to 13.1 million tonnes.
Based in Chicago, the company was founded in 1848 and has 2,900 employees.
The deal between the two companies is expected to close in mid-2009.