The Ineos Holdings Group announced that it has completed the acquisition of Ashland's entire composites business. The acquisition also includes the BDO plant in Germany.
The business included in the transaction has annual sales of more than $ 1.1 billion. They employ 1,250 employees in 19 locations in Europe, North and South America, Asia and the Middle East.
Ineos Group Chief Executive Ashley Reed said, "We are pleased to have completed the acquisition of the composites business from Ashland. The Ineos Group's composites business will be well known and provide Ineos with new opportunities to enter the composites market . I am very much looking forward to entering Ineos. "
Ashland's composites business will become Ineos Composites. As a global leader in unsaturated polyester resins, vinyl ester resins and gel coatings, it will build on a solid foundation.
The business will continue to provide a variety of gel coats and corrosion-resistant glass fiber reinforced plastics (FRP). The BDO plant produces key intermediates for high-performance polyesters and polyurethanes and will be operated by the Ineos Solvents business.
Bill Wulfsohn, Chairman and CEO of Ashland, said: "Today Ashland has taken an important step forward, realizing its vision of becoming a premier specialty chemicals company, completing sales of the composites and Marl Intermediates business. Both are Outstanding company with outstanding talent, technology and assets. We hope that the composites and Marl team can be part of the Ineos Group. "