Ashland completes sale of composites business

Ashland has announced it’s completed the previously announced sale of its Composites business and butanediol manufacturing facility in Marl, Germany to INEOS Enterprises in a deal worth $1.015 billion.

Net proceeds from the sale are approximately $930 million. Over $400 million of debt has been retired and an additional $500 million is expected to be retired by the end of the week.

Ashland chairman and chief executive officer Bill Wulfsohn said

The sale of our Composites and Marl businesses allows Ashland to focus on our vision of becoming the premier speciality chemicals company We believe this transaction, when combined with our cost reduction program, will help better position Ashland to deliver sustained earnings growth and significant value for shareholders.