Morton Salt Goes On Auction Block

[Robbien]

Source: CBS

Chicago's Morton Salt is being put on the auction block, and published reports say it has generated several bids in a time when such deals are rare.

Industry experts predict that a private equity firm or foreign salt producer will buy Morton, the Chicago Tribune reported.

. . .

The Tribune reports that Dow has received six bids for Morton, and anticipate the table salt giant could fetch $1.5 billion.

Known for its slogan, "When it rains, it pours," and the iconic image of a young girl holding an umbrella, Morton has 200 employees in its downtown office, the Tribune reported. The corporate office is located at 123 N. Wacker Dr.

Read more: http://cbs5.com/consumer/morton.salt.auction.2.956507.html

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As has happened in most of these deals, after the sale Morton will of course probably be "cutting costs" (code for cutting jobs) and then within two or three years filing for bankruptcy because it cannot service the $1.5 Billion debt load the venture capitalists piled upon its back.

[Chipper Chat]

1. "When It Rains, It Pours"

OMG

[maxsolomon]

2. people are going to need salt

when civilization collapses.

to preserve meats.

[formercia]

4. That's where Salary came from

The Roman Army had a monopoly on the salt trade and soldiers were paid in part with Salt.

You can't eat Gold.

[apnu]

3. Well at least we'll still have the Morton Arboretum (nt)