Ineos (Rolle / Switzerland; www.ineos.com) has announced it will acquire the composites business of Ashland Global Holdings (Dublin, Ohio / USA; www.ashland.com), along with a 1,4-butanediol (BDO) facility that is part of Ashland’s Intermediates and Solvents (I&S) segment, for USD 1.1 bn (EUR 960m). The transaction, expected to close in the first half of 2019 following all regulatory approvals, encompasses businesses with combined sales of more than USD 1.1 bn annually. The 100,000 t/y BDO plant at Marl / Germany produces key intermediates for high-performance polyesters and polyurethanes. Ashland said to ensure consistent supply for its own internal needs, its BDO facility in Lima, Ohio, will be retained.

Ineos Enterprises CEO Ashley Reed noted Ashland's composite resins “have been the materials of choice for the world’s boat builders for 30 years.” Ashland’s composites business line regards itself as a global leader in unsaturated polyester resins, vinyl ester resins and gel coats, and it also supplies glass fibre-reinforced plastics (GRPs). The activities being sold employ 1,300 people at 20 sites in Europe, North and South America, Asia and Middle East.

As planned – see Plasteurope.com of 22.03.2018 – the US company said it will use the proceeds from the sale to pay down debt. Bill Wulfsohn, Ashland’s chairman and CEO, said the divestment is consistent with the vision of becoming “a premier speciality chemicals company,” and added it will have a more streamlined and focused product portfolio, improved margins and reduced earnings volatility.