COVINGTON, Ky., June 9 /PRNewswire-FirstCall/ -- Ashland Inc. (NYSE:
ASH) announced today that it signed a definitive agreement with Air
Products and Chemicals, Inc. (NYSE: APD) for an asset purchase of its
pressure-sensitive adhesive business and its atmospheric emulsions
business. The $92 million transaction includes manufacturing facilities in
Elkton, Md., and Piedmont, S.C. The purchased operations, which will merge
into Ashland's Specialty Polymers & Adhesives (SP&A) business group, had
sales of $126 million in 2007, principally in North America.
(Logo: http://www.newscom.com/cgi-bin/prnh/20040113/ASHLANDLOGO )
Approximately 80 employees will transfer to Ashland upon closing of the
acquisition, expected by June 30, dependent upon a number of standard
closing conditions including regulatory review.
"This is a highly desirable strategic fit with our resins growth
platform and our present business in the adhesives and coatings market
space," said James J. O'Brien, Ashland's chairman and chief executive
officer. "It meets our objectives for adding scale in a targeted segment
that has expectations for above-average growth and attractive margins."
"This transaction positions Ashland as a top tier pressure-sensitive
adhesives manufacturer," said Marcello Boldrini, vice president, Ashland
Performance Materials, and general manager, SP&A. "The water-based emulsion
technology from Air Products nicely complements our established solutions
technologies and our more recent UV/EB technologies that came to us through
the Northwest Coatings acquisition about a year ago."
Boldrini said the acquired operations include both acrylic and
polyvinyl acetate (PVAc) technologies supporting Ashland's sales into paper
and film labels, adhesives and sealants, pulp and paper, coatings and
woodworking industries.
Ashland Specialty Polymers & Adhesives, a business group of Ashland
Performance Materials, is a global leader in pressure sensitive and
structural adhesives for the packaging and converting, building and
construction, and transportation industries.
Ashland Performance Materials, a division of Ashland Inc., is a
worldwide manufacturer and supplier of specialty chemicals and customized
services to the building and construction, packaging and converting,
transportation, marine and metal casting industries. It is a technology
leader in metal casting consumables and design services; unsaturated
polyester and vinyl ester resins and gel coats; and high-performance
adhesives and specialty resins.
Ashland Inc., a diversified, global chemical company, provides quality
products, services and solutions to customers in more than 100 countries. A
FORTUNE 500 company, it operates through four divisions: Ashland
Performance Materials, Ashland Distribution, Valvoline and Ashland Water
Technologies. To learn more about Ashland, visit http://www.ashland.com .
SOURCE Ashland Inc.
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Related links:
http://www.ashland.com
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CONTACT:
James Vitak of Ashland Inc., +1-614-790-3715,
jevitak@ashland.com
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