Further to the recent acquisition of various sporting ventures, Ineos Enterprises has announced the completion of a deal to purchase the entire composites business of Ashland Global Holdings. This includes a BDO facility in Germany.
The plan to purchase Ashland was announced in November last year.
“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,” said Ashley Reed, CEO of Ineos Enterprises.
The new Ineos Composites will look to build on the current product portfolio which includes unsaturated polyester resins, vinyl esters and gelcoats.
In addition, the business will continue to deliver a series of gelcoats and corrosion-resistant fibreglass-reinforced plastics. The BDO facility produces key intermediates for high-performance polyesters and polyurethanes. The company will be operated by Ineos Solvents.
Speaking about the sale, Bill Wulfson, Ashland chairman and CEO, 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.”
Together, the businesses included in the transaction have combined annual sales of more than $1.1bn. Ashland’s estate included 19 sites in Europe, North and South America, Asia and the Middle East, with a total of 1,250 employees.