Ashland seals sale of APAC to Oldcastle Materials Inc
29 Aug '06
1 min read
Ashland Inc completed the closing of its previously announced agreement to sell the stock of its wholly owned subsidiary, Ashland Paving And Construction Inc ("APAC"), to Oldcastle Materials Inc.
The sale price of $1.30 billion is subject to adjustments for changes in working capital and certain other accounts from Sept. 30, 2005, until closing. After-tax proceeds, pre-adjustment, are estimated to total $1.25 billion.
"Today, Ashland completed a major step in our multiyear transformation into a diversified chemical company," said James J. O'Brien, Ashland's Chairman and Chief Executive Officer.
"We will now focus on growing our businesses, both organically and through acquisitions, while establishing a top-quartile cost structure, in order to generate long-term value for Ashland's shareholders."
Ashland Inc is a diversified, global chemical company, provides quality products, services and solutions to customers in more than 100 countries.
A FORTUNE 500 company, it operates through four wholly owned divisions: Ashland Performance Materials, Ashland Distribution, Valvoline and Ashland Water Technologies.
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