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Ashland hives off elastomers business to Lion Copolymer
16
Oct '14
NYSE-listed Ashland Inc. said it has hived off its elastomers business based in Port Neches, Texas to Lion Copolymer Holdings, LLC.

The elastomers business accounted for approximately 17 percent of Ashland Performance Materials' $1.6 billion in sales for the trailing 12 months ended June 30, 2014.

This business, which employs around 250 people at the Texas facility, was acquired by Ashland as part of the International Specialty Products transaction in August 2011.

"This decision fits Ashland's well-established strategy of divesting non-core assets and reinvesting in higher-margin, specialty chemical businesses,” said James O'Brien, CEO at Ashland.

He added, "We are pleased with the value we received for the business and believe this transaction represents a good strategic fit for Lion."

"With the acquisition of the Ashland elastomers business, we are pleased once again to be in this segment,” said Jesse Zeringue, Executive VP of Lion Copolymer Holdings.

"We think the size of the facility, access to feedstock and excellent storage capacity, combined with specialty products provide us with an excellent growth opportunity,” he informed.

Ashland markets specialty chemical solutions which include architectural coatings, automotive, construction, energy, food and beverage, personal care and pharmaceutical.

Through its three commercial units - Ashland Specialty Ingredients, Ashland Performance Materials and Valvoline – it serves customers in more than 100 countries. (AR)

Fibre2fashion News Desk - India

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