Ashland Global Holdings, a global specialty chemicals company, has announced an amendment to the purchase agreement for sale of its composites business and butanediol (BDO) manufacturing facility in Marl, Germany to Ineos Enterprises. The amendment includes removal of maleic business from the sale, while the purchase price remains unchanged at $1.1 billion.
Ashland’s maleic business consists of one facility in West Virginia which generates annual revenue of approximately $75 million. Ashland will retain full ownership of and be solely responsible for operations of the maleic business moving forward. The company intends to divest the maleic business after closing with all proceeds, less reasonable costs incurred by Ashland being paid to Ineos Enterprises, said Ashland in a media statement.
The sale of the composites and Marl BDO business is expected to close in late summer 2019, subject to certain customary regulatory approvals, standard closing conditions and completion of required employee information and consultation processes. Citi is acting as financial advisor to Ashland, and Squire Patton Boggs LLP is acting as legal advisor. (PC)
Source:Fibre2Fashion News Desk – India