CHICAGO - Morton Salt has cut 40% of the staff at the 173-year-old company's downtown Chicago headquarters following its recent purchase by a California investment firm.
The company laid off about 120 of the roughly 300 employees at its Chicago offices this past week.
Morton Salt says the cuts were made after a review of the company's long-term financial outlook showed they were needed "to help meet our business goals."
The Chicago Tribune reports the downsizing follows Morton Salt's $3.2 billion sale in April to Stone Canyon Industries.
The company, which makes salt for culinary, water softening, road de-icing and other uses, has had several owners in the new millennium.