Ashland agrees to sell composites business and butanediol facility to INEOS in deal valued at $1.1 billion

Australia News News

Ashland Global Holdings Inc. has agreed to sell its composites business and butanediol manufacturing facility in Marl, Germany, to privately-owned INEOS Enterprises in a deal valued at $1.1 billion, the companies announced Thursday. The two segments have combined sales of more than $1.1 billion a year and have around 1,300 employees, said Ashland. Ashland also said it will use the expected net proceeds of the sale, which it expects to be around $1 billion, to reduce outstanding debt. The deal is expected to close before the end of the June 2019 quarter. Shares of Ashland have gained 14% in the year to date, while the S&P 500 has gained 1%.