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

 

0 Comments

Login

Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News


Albemarle signs manufacturing agreement with Novvi SA

  BATON ROUGE, US: Albemarle Corporation, has entered into a manufacturing agreement to supply base oils to Novvi SA, a joint venture between Am ...

Read more
FMC and Chr Hansen to collaborate for biological products

  PHILADELPHIA, US: FMC Corporation’s, Agricultural Products Group has entered into two exclusive agreements covering global development a ...

Read more
Foster Wheeler bags EPCm contract by Engen in South Africa

  ZUG, SWITZERLAND: Foster Wheeler AG’s, Global Engineering and Construction Group subsidiary has been awarded a contract by Engen Petrole ...

Read more
DSM appoints Philip Eykerman as new EVP, Strategy and Acquisitions

  HEERLEN, THE NETHERLANDS: Royal DSM, announced that Philip Eykerman, currently Partner at McKinsey & Company, Brussels office, will join D ...

Read more
TPC plans for on-purpose butadiene production unit in US

HOUSTON, US: TPC Group Inc will fund the next phase of engineering to produce on-purpose butadiene, targeting the restart of its second dehydrogenatio ...

Read more
Bayer CropScience gets approval for liberty link soybeans in Argentina

  MONHEIM, GERMANY: Bayer CropScience has received the final approval for its herbicide tolerant soybean technology from the National Ministry o ...

Read more