18 June 2008 14:25 [Source: ICIS news]
TORONTO (ICIS news)--US chemicals producer Ashland and Germany’s Sud-Chemie plan to combine their global metal castings and foundry chemicals businesses into a new 50:50 joint venture, they said on Wednesday.
The companies signed a nonbinding memorandum of understanding to form the joint venture, which would be located in ?xml:namespace>
It would combine
The three businesses generated combined sales of $1.1bn (€715m) last year and employed 1,300 people worldwide.
"When you consider the rapid industrialisation occurring within key markets like
“Combining these businesses should ultimately result in increased shareholder value and better opportunities for our customers and employees."
The companies expected to close the transaction in early 2009, subject to a definitive agreement, regulatory review and other closing conditions, they said.
($1 = €0.65)
To discuss issues facing the chemical industry go to ICIS connect
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections