UK: Business Acquisition Ineos to Take Over Ashland’s Composites Business for 1.1 Billion Dollars
According to the contract, Ineos will acquire 20 manufacturing sites in Europe, North and South America, Asia and the Middle East. The deal is scheduled to be complete in the first half of 2019.
UK – Ineos Enterprises has recently agreed to acquire the entire composites business from Ashland Global Holdings for 1.1 billion dollars. The businesses included in the transaction have combined sales of more than 1.1 billion dollars per year. They employ 1,300 employees across 20 sites in Europe, North and South America, Asia and the Middle East.
The deal is expected to be complete in the first half of 2019, subject to regulatory approval and consultation processes.
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.
The deal also includes a BDO facility in Germany producing key intermediates for high performance polyesters and polyurethanes.