Ashland Announces Amendment to Agreement with INEOS for Composites Business Acquisition
The amendment includes the removal of the maleic business from the sale; the purchase price remains unchanged at $1.1 billion.
Ashland Global Holdings Inc. recently announced an amendment to the purchase agreement for the sale of its Composites business and butanediol (BDO) manufacturing facility in Marl, Germany, to INEOS Enterprises. The amendment includes the removal of the maleic business from the sale; the purchase price remains unchanged at $1.1 billion.
Ashland’s maleic business consists of one facility in West Virginia that 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.
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. For more information, visit www.ashland.com. Ineos can be found online at www.ineos.com.