Ashland Global Holdings Inc says that it has signed a definitive agreement to sell its composites business and butanediol (BDO) manufacturing facility in Marl, Germany, to INEOS Enterprises for around US$1.1 billion.

Ashland's composites unit makes unsaturated polyester resins, vinyl ester resins and gel coats, while the BDO facility in Germany and related merchant products included in the agreement are part of Ashland's Intermediates and Solvents (I&S) segment. Ashland's Composites and Marl BDO facility have combined sales of more than US$1.1 billion per year and approximately 1,300 employees, the company says.

‘Composites and Marl are outstanding businesses with strong market positions and high-performing teams,’ said Bill Wulfsohn, Ashland chairman and CEO. ‘At the same time, the divestiture of these businesses is consistent with Ashland's vision of becoming the premier specialty chemicals company.’

Privately owned INEOS is one of the world's largest manufacturers of chemicals and oil products, with annual sales of $60 billion and approximately 20,000 employees

‘We believe that the Ashland Composites business will have great potential for growth under INEOS ownership and we are looking forward to working with a great team of people who are determined to meet the developing needs of our customers,’ said Ashley Reed, CEO, INEOS Enterprises.

This story is reprinted from material from Ashland, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.