Ashland to sell wood rosins and terpenes for $75m

15 December 2009 13:49  [Source: ICIS news]

TORONTO (ICIS news)--Ashland has agreed to sell its refined wood rosin and natural wood terpenes business to Canadian private equity firm TorQuest Partners for $75m (€51m), the US-based international specialty chemicals producer said on Tuesday.

As part of the deal, Ashland would transfer a plant in Brunswick, Georgia, and about 200 employees to a new firm formed by TorQuest, it said.

The business, formerly known as Pinova, was part of Hercules, which Ashland acquired last year.

($1 = €0.68)

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By: Stefan Baumgarten
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