INEOS Enterprises recently announced it has agreed to acquire the composites business from Ashland Global Holdings Inc. for $1.1 billion. The businesses included in the transaction reportedly have combined sales of more than $1.1 billion per year, and employ 1,300 across 20 sites in Europe, North and South America, Asia, and the Middle East.
The deal is expected to complete in the first half of 2019.
“Ashland’s composite resins have been the materials of choice for the world’s boat builders for 30 years, and for good reason,” said Ashley Reed, CEO, INEOS Enterprises. “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.”