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Ashland approved to sell composites plant to INEOS

August 16/2019

MOSCOW (MRC) -- Ashland Global Holdings announced it has received the remaining regulatory approvals needed to close the previously announced sale of certain assets of Ashland's Composites business and butanediol facility in Marl, Germany to INEOS Enterprises Holdings Limited, said Globenewswire.

Ashland and INEOS are working together to close the transaction as soon as possible in accordance with the Stock and Asset Purchase Agreement and continue to expect a closing in the late summer of 2019.

The BDO plant is in Marl, Germany, and it has a capacity of 100,000 tonnes/year. The composites business makes unsaturated polyester resins (UPR), vinyl ester resins and gel coats.

The deal should close later in the summer, Ashland said. Under the initial agreement, Ashland planned to sell its composites business, the BDO plant and maleic anhydride (MA) business to INEOS for USD1.1bn.

As MRC informed earlier, in September, Ashland announced its plans to focus on specialty chemicals, and spin off Valvoline as an independent, publicly-traded lubricants company dedicated to engine and automotive maintenance.

Ashland Global Holdings Inc. is global specialty chemicals company serving customers in a wide range of consumer and industrial markets, including adhesives, architectural coatings, automotive, construction, energy, food and beverage, nutraceuticals, personal care and pharmaceutical.

Author:Anna Larionova
Tags:petroleum products, petrochemistry, Ashland Italia.
Category:General News
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