ASHLAN SELLS COMPOSITE COMPOSITES AND BUTYLENE GLYCOL FACTORY IN GERMANY

On November 15, Ashland Global Holdings announced that it had signed a final agreement to sell its composite business and German BDO plant to INEOS for about $1.1 billion. The deal is expected to be completed by the end of June 2019.

According to Ashland's estimates, the total net revenue from the sale of the business is about $1 billion. It is expected that this income will be mainly used to pay off debts.

The ASHRAN Composites Division includes unsaturated polyester resins, vinyl ester resins and rubber coats, while the butanediol plant and related commercial products under the agreement in Marr, Germany, are subordinate to the ASHRAN intermediates and solvents (l& S) sector. The Ashland Composite Business and the German Maldbo Plant have annual sales of more than $1.1 billion and employee numbers of about 1,300.

Ashland said it would retain its butanediol (BDO) plant in Lima, Ohio, to ensure that it continued to meet the company's internal needs. Bill Wulfsohn, chairman and CEO of Ashland's board of directors, said: "Composite materials and Mall factories have outstanding performance, strong market position and high performance team, and the divestiture of these businesses is an effort of Ashland to become a top specialty chemicals company. By designing a more streamlined and focused product portfolio, increasing profit margins and reducing revenue volatility, Ashland will be more able to create sustainable profit growth and provide shareholders with greater value. Over the past two years, Ashland has taken a number of measures to maintain the sustained growth of its high-end product portfolio, while enhancing the competitiveness of the company, especially in the special additives sector. These measures have led to strong earnings growth, and Ashland's financial performance in fiscal year 2018 is the best proof. Ineos is one of the world's largest manufacturers of chemicals and petroleum products, with annual sales of $60 billion and employees of about 20,000. Headquartered in London, UK, the private company has 171 branches in 24 countries and regions.