Ashland to purchase Degussa water treatment business
31 Mar '06
3 min read
Covington based chemical and transportation Construction Company Ashland Inc announced that it has signed a definitive agreement to purchase the water treatment business of Degussa AG, branded under the Stockhausen name, in a transaction valued at approximately $144 million (120 million euros).
Five manufacturing facilities located in Germany, China, Brazil, Russia and the United States are included in the transaction. The Degussa water treatment business posted 2005 sales of nearly $250 million.
"This transaction demonstrates Ashland's continuing strategy to build shareholder value by expanding our products, services and geographical reach in market segments where we already compete," said James J. O'Brien, chairman and chief executive officer of Ashland. "Water management is an essential and growing part of the world economy, and the addition of the Degussa water treatment business to Ashland will help us participate in that growth."
"This acquisition expands our technology base, product line and service levels -- strengths that already distinguish us and that we continue to build upon," said Len Gelosa, senior vice president, Water Technologies, Ashland Specialty Chemical, a division of Ashland Inc. "It also helps us develop our presence in the important BRIC nations (Brazil, Russia, India and China) where the economic future offers significant potential for growth."
The closing, which is anticipated to take place in May 2006, is conditional upon a number of standard closing conditions, including regulatory review.
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