Ashland Global Holdings Inc. recently announced a definitive agreement to sell its maleic anhydride business and manufacturing facility in Neal, W.Va., to AOC Materials LLC for $100 million. Maleic anhydride is manufactured industrially on a large scale for applications in coatings and polymers. The maleic anhydride business was previously excluded from the sale of Ashland’s Composites business and the butanediol (BDO) manufacturing facility in Marl, Germany, to INEOS Enterprises. The transaction with AOC is expected to close prior to the end of 2020, contingent on customary regulatory approvals and standard closing conditions.
“Today’s announcement furthers Ashland’s strategic focus to streamline our portfolio and to focus on specialty ingredients and improved margins,” said Guillermo Novo, Ashland’s chairman and CEO. “The Maleic business and its respective employees have made important contributions to Ashland, and AOC will take a strategic view of the business to drive growth and continue their success.”
“We are delighted to have this business as a part of our company and welcome the employees who have made it successful to the AOC family,” said Joe Salley, CEO of AOC. “We are excited about the growth prospects, not only as a source for our internal consumption but also for the merchant market as well.”
For more information, visit www.ashland.com and https://aocresins.com.
Ashland to Sell Maleic Anhydride Business to AOC Materials for $100 Million
The transaction is expected to close prior to the end of 2020, contingent on customary regulatory approvals and standard closing conditions.
