Ashland Global Holdings has closed the sale of its maleic anhydride business and manufacturing facility in Neal, West Virginia to AOC Materials LLC, for 100 million USD.
Improving Focus on Specialty Ingredients
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This sale furthers Ashland’s strategic focus on specialty ingredients and improved margins,” said Guillermo Novo, chairman and chief executive officer, Ashland.
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We are pleased to bring this business into the AOC family,” said Joe Salley, chief executive officer, AOC. “
We welcome our new employees and we are excited about the strategic growth opportunities,” added Salley.
Citi acted as financial advisor to Ashland, and Squire Patton Boggs LLP acted as legal advisor.
About Ashland
Ashland Global Holdings Inc. is a global specialty materials company serving customers in a wide range of consumer and industrial markets, including adhesives, architectural coatings, automotive, construction, energy, food and beverage, nutraceuticals, personal care and pharmaceutical.
About AOC
AOC is the leading global supplier of resins and specialty materials that enable customers to create robust, durable, and versatile products and components.
Source: Ashland