INEOS completes acquisition of Ashland Composites
Ashland’s Composites Business will become INEOS Composites, and will continue to provide gelcoats and glass fiber-reinforced plastic (FRP).
INEOS Enterprises (Dublin, Ohio, U.S.) announces that it has completed the acquisition of the composites business of Ashland Global Holdings Inc. (Columbus, Ohio, U.S.). The acquisition also includes a BDO facility in Germany.
Ashland’s Composites Business will become INEOS Composites, and will continue to provide a 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.
The businesses included in the transaction are reported to 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 the Middle East.
“We are very pleased to have completed the deal to acquire the Composites business from Ashland,” says Ashley Reed, CEO of INEOS Enterprises. “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.”
“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,” says Bill Wulfsohn, Ashland chairman and CEO. “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.”
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