Compass Minerals slips after failing to secure US Forest Service contract

Compass Minerals International

25/03/2024 15:29

(Updates)
    ** Shares of commodity chemicals firm Compass Minerals
International  CMP.N  down 15.9% at $14.76
        ** Stock hits lowest in more than two decades     
    ** Co says U.S. Forest Service will not hand over a contract
of  magnesium chloride-based aerial fire retardants to CMP for
the 2024 fire season 
    ** Adds a USFS inspection discovered that certain airtankers
that had flown the fire retardants revealed significant signs of
corrosion in areas where build-up of the retardant had occurred
    ** "We have to assume based on this new information that
Fortress' proprietary, magnesium chloride-based aerial
fire-retardant formulation will not be utilized for the
foreseeable future in the fight against wildfires" - co
    ** Including the session's losses, stock is down ~42% YTD 

 (Reporting by Sourasis Bose in Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))