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INEOS Acquires Ashland Composites Business in $1.1 Billion Deal

INEOS, November 15, 2018

INEOS Enterprises has agreed to acquire the entire composites business from Ashland Global Holdings Inc for $1.1 billion. The businesses included in the transaction have combined sales of more than $1.1 billion per year. Ashland employs 1,300 employees across 20 sites in Europe, North and South America, Asia and Middle East. The deal is expected to be completed in the first half of 2019, subject to regulatory approval and consultation processes.

Ashley Reed, INEOS Enterprises CEO said, “Ashland’s composite resins have been the materials of choice for the world’s boat builders for 30 years, and for good reason. They are light, strong and resistant to attack from chemicals and even fire.  Unlike wood they don’t rot, unlike metal they don’t corrode and unlike concrete they don’t crack. We believe that they have great potential for growth under INEOS ownership and we are looking forward to working with a great team of people who are determined to meet the developing needs of our customers.”

Ashland’s Composites Business is a global leader in unsaturated polyester resins, vinyl ester resins and gel coats. In addition to its wide range of gelcoats, the business also provides corrosion-resistant fiberglass reinforced plastic (FRP) which provide exceptional durability, superior heat resistance, low maintenance and high performance for challenging environments.

Bill Wulfsohn, Ashland Chairman and CEO said, “Composites and Marl are outstanding businesses with strong market positions and high-performing teams. At the same time, the divestiture of these businesses is consistent with Ashland’s vision of becoming the premier specialty chemicals company. With a more streamlined and focused product portfolio, improved margins and reduced earnings volatility, Ashland will be better positioned to deliver sustained earnings growth and unlock significant value for shareholders.”

The deal also includes a BDO facility in Germany producing key intermediates for high performance polyesters and polyurethanes.

Valence acted as Financial advisors to INEOS. DLA Piper provided legal guidance and PwC provided finance and accounting support.

About Ashland 

Ashland Global Holdings Inc. (NYSE: ASH) is a premier global specialty chemicals company serving customers in a wide range of consumer and industrial markets, including adhesives, architectural coatings, automotive, construction, energy, food and beverage, nutraceuticals, personal care and pharmaceutical. Ashland, comprises approximately 6,000 passionate, tenacious solvers – from renowned scientists and research chemists to talented engineers and plant operators – who thrive on developing practical, innovative and elegant solutions to complex problems for customers in more than 100 countries. Visit www.ashland.com to learn more. 

About INEOS

INEOS has grown from a single site, in Antwerp in 1998, originally employing 400 people with a turnover of €200m. Today, INEOS is one of the world’s largest chemicals companies and the 50th largest business in the world, employing around 20,000 people across 171 sites in 24 countries. It is a privately owned company with sales in 2017 of $60bn and EBITDA of $7bn.  In addition to its growth in petrochemicals, it has acquired oil & gas fields in the UK, Denmark and Norway and is a top 10 company and the biggest private enterprise operating in the North Sea. 


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