15 November 2018
DETAILS
INEOS Enterprises has today agreed
to acquire the entire composites business
from Ashland Global Holdings Inc. (NYSE: ASH)
for $1.1 billion.
The businesses included in the transaction
have combined sales of more than $1.1 billion per year.
They employ 1,300 employees across 20 sites
in Europe, North and South America, Asia and Middle East.
The deal, is expected to complete in the first half of 2019,
subject to regulatory approval and consultation processes.
Ashland’s Composites Business is a global leader in
unsaturated polyester resins,
vinyl ester resins and gel coats.
In addition to its wide range of gelcoats,
the business also provides
corrosion-resistant fiberglass reinforced plastic (FRP)
which provide exceptional durability,
superior heat resistance, low maintenance
and high performance for challenging environments.
The deal also includes
a BDO facility in Germany producing key intermediates
for high performance polyesters and polyurethanes.
Valence acted as Financial advisors to INEOS.
DLA Piper provided legal guidance and
PwC provided finance and accounting support.
Ashland chairman and chief executive officer
“Composites and Marl are outstanding businesses
with strong market positions
and high-performing teams.
At the same time, the divestiture of these businesses
is consistent with
Ashland’s vision of becoming
the premier specialty chemicals company.
With a more streamlined
and focused product portfolio,
improved margins and
reduced earnings volatility,
Ashland will be better positioned
to deliver sustained earnings growth
and unlock significant value for shareholders.”
Ashley Reed,
CEO INEOS Enterprises
“Ashland’s composite resins have been
the materials of choice
for the world’s boat builders for 30 years,
and for good reason.
They are light, strong and resistant to attack
from chemicals and even fire.
Unlike wood they don’t rot,
unlike metal they don’t corrode and
unlike concrete they don’t crack.
We believe that they have great potential
for growth under INEOS ownership
and we are looking forward to working with
a great team of people
who are determined
to meet the developing needs of our customers.”
FOR FURTHER INFORMATION:
Richard Longden (INEOS)
0041 21 627 7063 or 0041 7996 26123
Andrew McLachlan (Media Zoo)
020 7384 6980 or 07931377162
Chris Hall (Media Zoo)
020 7384 6980 or 07739571634
Gary Rhodes (Media Relations, Ashland)
+1 (859) 815-3047
Seth Mrozek (Investor Relations, Ashland)
+1 (859) 815-3527
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