COVINGTON, Ky. and WAYNE, N.J., May 31, 2011 /PRNewswire/ —
Ashland Inc. (NYSE:
ASH) and International Specialty Products Inc. (ISP) today
announced that Ashland has agreed to acquire privately owned ISP, a
global specialty chemical manufacturer of innovative functional
ingredients and technologies. Under the terms of the stock purchase
agreement, Ashland will pay approximately $3.2 billion for the
business in an all-cash transaction. At closing, ISP’s advanced
product portfolio will expand Ashland’s position in high-growth
markets such as personal care, pharmaceutical and energy. For the
12 months ended March 31, 2011, ISP generated sales of
approximately $1.6 billion and earnings before interest, taxes,
depreciation and amortization (EBITDA) of approximately $360
million. The transaction is expected to be immediately accretive to
Ashland’s earnings per share.
(Logo:
http://photos.prnewswire.com/prnh/20040113/ASHLANDLOGO)
ISP is a leading global supplier of specialty chemicals and
performance enhancing products for consumer and industrial markets.
Through its unique offerings, ISP will bring high-value water
soluble polymers and other advanced technologies into Ashland’s
functional ingredients business, as well as complementary additives
for Ashland’s food and beverage, energy, coatings, adhesives and
water treatment markets. The acquisition is expected to
significantly strengthen Ashland’s functional ingredients active
patent portfolio and its team of research and development
scientists. The result will be a stronger, global functional
ingredients business with proven technological and application
capabilities to solve customers’ unique formulation challenges.
Ashland Chairman and Chief Executive Officer James J. O’Brien
said, “This defining transaction enables us to significantly expand
our market positions in higher margin, higher growth and less
cyclical g
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