Morton to Buy French, Italian Firms

Morton International Inc. plans to buy Compagnie de Suez’s salt business for $290 million and an Italian coatings company for undisclosed terms, part of moves to expand in Europe. Morton would pay $195 million for 67.5% of Paris-based Suez’s stake in Compagnie des Salins du Midi et des Salines de l’Est, with estimated 1996 sales of $270 million. It will offer to purchase the remaining shares, which are publicly traded, in a cash tender. Chicago-based Morton said that adding the French salt business to its own will result in combined salt sales of about $870 million. Morton would also acquire Pulverlac, an Italian powder coatings maker. Morton reportedly has about 35% to 40% of the U.S. salt business. Morton shares fell 50 cents to close at $40.75 on the NYSE.