COVINGTON, Ky., Oct. 30 /PRNewswire-FirstCall/ -- Ashland Inc. (NYSE:
ASH) announced today that it signed a definitive agreement on Friday, Oct.
27, to purchase the assets of Northwest Coatings of Oak Creek, Wis., a
formulator and manufacturer of adhesives and coatings employing ultraviolet
and electron beam (UV/EB) polymerization technologies. Northwest Coatings
is a holding of Caltius Equity Partners. The transaction, which includes
production facilities in Milwaukee, Wis., and Greensboro, N.C., is valued
at approximately $72 million. Trailing 12-month sales of Northwest Coatings
are nearly $40 million.
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"This is an important acquisition for us in a high-growth, attractive
market segment," said James J. O'Brien, Ashland Inc. chairman and chief
executive officer. "It demonstrates our strategy to pursue acquisition
opportunities in markets and technologies that are experiencing rapid
change."
Marcello Boldrini, vice president, Ashland Performance Materials, and
general manager, Specialty Polymers & Adhesives (SP&A), commented, "With
this transaction we strengthen our adhesive and coatings offerings to the
packaging, converting and labeling markets. Northwest is a leader in
ultraviolet and electron beam chemistries, and we expect to leverage these
technologies throughout our business on a worldwide basis." He added, "The
investment will further enhance Ashland's reputation as a first-tier
provider of specialty adhesives."
Closing of the acquisition, which is anticipated to take place before
the end of 2006, is dependent upon a number of standard closing conditions,
including regulatory review.
Ashland Specialty Polymers & Adhesives, a business unit 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. (NYSE: ASH), 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 wholly owned
divisions: Ashland Performance Materials, Ashland Distribution, Valvoline
and Ashland Water Technologies. To learn more about Ashland, visit
http://www.ashland.com.
FORTUNE 500 is a trademark of Time Inc.
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. These statements include those that refer
to Ashland's operating performance and expectations about the proposed
transaction and expected benefits to Ashland's shareholders. Although
Ashland believes its expectations are based on reasonable assumptions, it
cannot assure the expectations reflected herein will be achieved. The
risks, uncertainties and assumptions include the possibility that Ashland
will be unable to fully realize the benefits anticipated from the
transaction, the possibility that the transaction may not close, and other
risks that are described from time to time in the Securities and Exchange
Commission (SEC) reports of Ashland. Other factors and risks affecting
Ashland are contained in Ashland's Form 10-K, as amended, for the fiscal
year ended Sept. 30, 2005, filed with the SEC and available on Ashland's
Investor Relations website at http://www.ashland.com/investors or the SEC's
website at http://www.sec.gov. Ashland undertakes no obligation to subsequently
update or revise the forward-looking statements made in this news release
to reflect events or circumstances after the date of this news release.
SOURCE Ashland Inc.
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Related links:
http://www.ashland.com
http://www.ashland.com/investors
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AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
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CONTACT:
Media Relations, Jim Vitak, +1-614-790-3715,
or jevitak@ashland.com, or Investor Relations, Dean Doza,
+1-859-815-4454, or lddoza@ashland.com, both of Ashland Inc.
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