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COVINGTON, US: Ashland Inc, the biggest producer of specialty papermaking chemicals, said a 50-50 joint venture with Switzerland’s Clariant AG sold products to Iran without the approval of the US government. Units of the Ashland Chemicals GmbH venture sold ‘granulate, coatings and hot top products’ from 1 October 2012 through 1 March 2013 to entities that may be owned or controlled by the Iranian government.
The products are used in metal casting, said Gary Rhodes, an Ashland spokesman. Ashland’s supervisory board unanimously voted in March to end transactions with Iran and Ashland is terminating all business in the country, Ashland said in the filing.
© Bloomberg News
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