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Morton Salt Goes On Auction Block

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Mar 11, 2009 12:12 pm US/Central

Morton Salt Goes On Auction Block

Dow Chemical Purchases Parent Company

CHICAGO (CBS) ― The number one name in salt is up for sale.

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.

Dow Chemical Co. bought Morton Salt parent company Rohm and Hass Co., and the chemical firm is selling Morton in conjunction with the deal.

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.

Morton Salt also has a factory at 1357 N. Elston Ave., with a logo printed on the side of the sloped roof that is a familiar sight to motorists on the Kennedy Expresswa, CBS station WBBM-TV reported.

(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)

© MMIX, CBS Broadcasting Inc. All Rights Reserved.