INEOS Enterprises announced the completion of the acquisition of the composites business from Ashland Global Holdings Inc, according to a company press release. The acquisition also includes a Butanediol (BDO) facility in Germany.
“We are very pleased to have completed the deal to acquire the Composites business from Ashland,” said Ashley Reed, CEO INEOS Enterprises in the press release. “We have a strong track record of manufacturing excellence, running businesses safely and reliably and working closely with customers to meet their growth aspirations. 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.”
The businesses included in the transaction have combined sales of more than $1.1 billion per year. They employ 1,250 employees across 19 sites in Europe, North and South America, Asia and Middle East.
The business will continue to provide a wide range of gelcoats and corrosion-resistant fiberglass reinforced plastic. The BDO facility produces key intermediates for high performance polyesters and polyurethanes and will be run by the INEOS Solvents business.
“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,” said Bill Wulfsohn, Ashland chairman and chief executive officer in the press release. “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.”
