Ashland completes ISP acquisition

Ashland completes ISP acquisition

1:09 AM, 24th August 2011
Ashland completes ISP acquisition
James J O’Brien, Chairman and CEO, Ashland.


COVINGTON, US: Ashland Inc completed acquisition of International Specialty Products Inc (ISP), a global specialty chemical manufacturer of innovative functional ingredients and technologies. The purchase was an all-cash transaction for $3.2 billion.

“This defining transaction is expected to be immediately accretive and will significantly expand our position in higher-margin, higher-growth end markets, including personal care, pharmaceutical, food and beverage and energy. This acquisition enhances our ability to satisfy the increasing global demand for technologically advanced consumer and industrial products,” said James J O’Brien, Chairman and CEO, Ashland.

ISP will be integrated into the Ashland Aqualon Functional Ingredients commercial unit, more than doubling the size of Ashland’s highest-margin business. Effective immediately, the combined unit will be called Ashland Specialty Ingredients.

“Addition of ISP expands breadth of our technology platforms and provides new resources and capabilities to better capitalize on market opportunities. In particular, we now can offer one of the broadest, most functional portfolios of water-soluble polymers globally,” said John Panichella, President of the new Specialty Ingredients business, Ashland.

The transaction was funded through a combination of cash on hand and borrowed funds from Citigroup, The Bank of Nova Scotia, BofA Merrill Lynch and US Bank National Association.  

(C) WOC News




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