The businesses included in the transaction have combined sales of more than $1.1 billion per year. They employ 1,250 employees across 19 sites in Europe, North and South America, Asia and Middle East.
Ashley Reed, CEO Ineos Enterprises said:
“We are very pleased to have completed the deal to acquire the Composites business from Ashland. We have a strong track record of manufacturing excellence, running businesses safely and reliably and working closely with customers to meet their growth aspirations. The Ineos Composites business as it will be known, presents new opportunities for Ineos to enter the Composites market, with excellent people and assets. I very much look forward to welcoming the business into Ineos.”
Ashland’s Composites Business will become Ineos Composites. It will build on firm foundations as a global leader in unsaturated polyester resins, vinyl ester resins and gelcoats.
The business will continue to provide a wide range of gelcoats and corrosion-resistant fiberglass reinforced plastic (FRP). The BDO facility produces key intermediates for high performance polyesters and polyurethanes and will be run by the Ineos Solvents business.
Bill Wulfsohn, Ashland chairman and chief executive officer said:
“Today Ashland completed an important step fulfilling its vision of becoming the premier specialty chemical company with the completion of the sale of the Composites and Marl Intermediates businesses. Both are outstanding businesses with great people, technology and assets. We wish the Composites and Marl teams well as they become part of Ineos Enterprises.”