01 December 2010 07:59 [Source: ICIS news]
SINGAPORE (ICIS)--Sud-Chemie and Ashland have completed the transfer of their global activities in the foundry chemical sector to their 50:50 joint venture ASK Chemicals, the companies said in a statement on Wednesday.
“Following approval by the regulatory authorities and compliance with all other closing conditions, the joint venture agreements signed by the partners in July 2010 have now taken effect,” the joint statement said.
The European Commission had approved the deal between the two companies on 30 November.
Under the deal, US-based Ashland and ?xml:namespace>
ASK Chemicals comprises Ashland-Sudchemie-Kernfest as well as all other assets and employees belonging to Sud-Chemie’s business unit for foundry products and specialty resins, and Ashland´s casting solutions business unit, according to the statement.
Foundry consumables are used in the casting process – the production of shaped articles by pouring molten metal into moulds.
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