Ashland Global Holdings Inc. recently announced 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; an additional $500 million was expected to be retired by September 6.
“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’s chairman and CEO. “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.”