Ashland buys Air Products' specialties businesses

09 June 2008 14:11  [Source: ICIS news]

LONDON (ICIS news)--Ashland has agreed to buy Air Products’ pressure sensitive adhesives and atmospheric emulsions businesses for $92m (€58m), the US company said on Monday.

 

The deal would include the transfer of 80 employees at plants in Elkdon, Maryland, and Piedmont, South Carolina, into Ashland’s Specialty Polymers & Adhesives business group (SP&A).

 

“This transaction positions Ashland as a top tier pressure-sensitive adhesives manufacturer,” said and general manager of SP&A Marcello Boldrini. “It meets our objectives for adding scale in a targeted segment that has expectations for above-average growth and attractive margins.”  

 

Boldrini said the acquired operations include both acrylic and polyvinyl acetate (PVAc) technologies supporting Ashland’s sales into paper and film labels, adhesives and sealants, pulp and paper, coatings and woodworking industries.

 

The acquisition was expected be completed on 30 June following standard closing conditions including regulatory approval.

 

In January, Ashland said it expected the price of acquisitions to drop as the US fell into an economic downturn.

 

($1 = €0.63)

By: Mark Watts
+44 20 8652 3214

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