Ashland Global Holdings Inc. announced on Tuesday, 3rd September that it has completed the previously announced sale of its Composites business (excluding the Maleic business) and butanediol manufacturing facility in Marl, Germany to INEOS Enterprises in a transaction valued at $1.015 billion.
Net proceeds from the sale are approximately $930 million. Over $400 million of debt has been retired and an additional $500 million is expected to be retired by the end of the week.
“The sale of our Composites and Marl businesses allows Ashland to focus on our vision of becoming the premier specialty chemicals company,” said Bill Wulfsohn, Ashland chairman and chief executive officer. “We believe this transaction, when combined with our cost reduction program, will help better position Ashland to deliver sustained earnings growth and significant value for shareholders.”
Citi acted as financial advisor to Ashland, and Squire Patton Boggs LLP acted as legal advisor.
About Ashland
Ashland Global Holdings Inc. is a premier 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. At Ashland, we are approximately 4,000 passionate, tenacious solvers – from renowned scientists and research chemists to talented engineers and plant operators – who thrive on developing practical, innovative and elegant solutions to complex problems for customers in more than 100 countries.
Source: Ashland
