US Ashland completes $3.2bn acquisition of ISP

23 August 2011 17:41  [Source: ICIS news]

Ashland CEO(adds details, paragraphs 4, 5)

HOUSTON (ICIS)--Ashland has completed its $3.2bn (€2.2bn) acquisition of International Specialty Products (ISP), the US-based specialty chemicals producer said on Tuesday.

Ashland will integrate ISP into its Ashland Aqualon Functional Ingredients commercial unit, which has been renamed to Ashland Specialty Ingredients, effectively immediately, it said.

The unit produces several food, cosmetic and pharmaceutical ingredients. It also produces coatings additives, construction chemicals and oilfield chemicals.

By the end of the second year, Ashland
expects to achieve $50m “in annual run-rate savings” through eliminating redundancies and capturing operational efficiencies, it added.

Last month, Ashland said it also expects $40m/year in savings from its ASK Chemicals joint venture with Germany's with Sud-Chemie (now part of Swiss Clariant) as well as and the sale of its distribution business.

Ashland announced the ISP deal in May.

Ashland also produces water-treatment chemicals, resins used in composites and Valvoline lubricants.

ISP produces agrochemicals, biocides, food ingredients, pharmaceutical ingredients and styrene butadiene rubber (SBR).

($1 = €0.70)

For more on Ashland and other producers visit ICIS company intelligence

By: Stefan Baumgarten
+1 713 525 2653

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