On November 15, Ashland Global Holdings announced that it has signed a definitive agreement to sell the composites business and the German Mardindiol (BDO) production facility to Ineos Corporation (INEOS) for approximately $ 1.1 billion. The transaction is expected to be completed by the end of June 2019.
According to Ashland's estimates, the total net revenue from the sale of this business is approximately $ 1 billion. According to expectations, this revenue will be used mainly to repay debt.
The Ashland Composites segment includes areas such as unsaturated polyester resins, vinyl ester resins, and gelcoats, while the butanediol plant in Mar, Germany, and related commercial products covered by the agreement are part of Ashland Intermediates and Solvents (l & S) department. Ashland's composites business and the German BDO plant in Maldö have annual sales of more than $ 1.1 billion and employ approximately 1,300 people.
Ashland said it will maintain a butanediol (BDO) plant in Lima, Ohio, to ensure that it continues to meet the company's internal needs.
Bill Wulfsohn, Chairman and CEO of Ashland's Board of Directors, said: "The Composites and Marr plants have performed well, with a solid market position and a high-performance team, and the divestiture of these businesses is Ashland's becoming a top specialty chemical The efforts of the company. By designing a more streamlined and focused product portfolio, increasing profit margins and reducing earnings volatility, Ashland will be better able to create sustainable profitable growth and provide greater value to shareholders. In the past two During the middle of the year, Ashland took a number of measures to maintain the continued growth of its high-end product portfolio, while improving the company's competitiveness, especially in the specialty additives sector. These initiatives have led to strong earnings growth, Ashland 2018 The financial performance of the fiscal year is the best proof. "
Ineos is one of the world's largest manufacturers of chemicals and petroleum products, with annual sales of $ 60 billion and approximately 20,000 employees. The private company is headquartered in London, England, and has 171 branches in 24 countries.