Morton Salt cuts 120 jobs from Chicago headquarters

Chicago (WLS) -- Morton Salt announced it is cutting 120 employees from its Chicago headquarters.

The layoffs follow the recent purchase of the 173-year-old company by a California investment firm.

In a statement Morton Salt said the decision was made after a "comprehensive evaluation of our company's long-term financial outlook and our ability to become more competitive in the salt industry."

"Impacted employees will receive severance or separation benefits, continued medical coverage and outplacement services to assist in finding new employment," the statement went on to say.

The Chicago Tribune reports the downsizing follows Morton Salt's $3.2 billion sale in April to Stone Canyon Industries.

Recognized for its iconic Morton Salt girl, company makes salt for culinary, water softening and road de-icing.

Read: Morton Salt's full statement:

"We can confirm that Morton Salt made the difficult decision to reduce its corporate workforce by 120 employees in our Chicago offices. This was not a decision we took lightly, but after a comprehensive evaluation of our company's long-term financial outlook and our ability to become more competitive in the salt industry, this reduction was necessary to help meet our business goals. Impacted employees will receive severance or separation benefits, continued medical coverage and outplacement services to assist in finding new employment. We thank our employees for their service and wish them the best in their new endeavors."