IMC Global to Buy Harris Chemical

IMC Global Inc. said it will buy closely held Harris Chemical Group Inc. for $1.4 billion in cash and assumed debt to expand its salt and fertilizer businesses. New York-based Harris Chemical is the world’s third-largest producer of soda ash and boron, which are used to make glass, and a leading producer of rock salt. Harris Chemical has annual revenue of about $850 million. Northbrook, Ill.-based IMC Global said the acquisition, for $450 million cash and $950 million in assumed debt, will allow it to reduce costs. The transaction, expected to close in the first quarter of 1998, will add about 30 to 35 cents a share to the fiscal year ending June 1999 and 45 to 50 cents in fiscal 2000, the company said. IMC Global’s shares declined $2.19 to close at $30.38 on the New York Stock Exchange.