US Ashland's ASK Chemicals joint venture ends business in Iran

02 May 2013 22:13  [Source: ICIS news]

HOUSTON (ICIS)--An Ashland joint venture is ending all of its business in Iran after it sold products to a company suspected to be affiliated with that country's government, the US-based company said on Thursday.

The joint venture, ASK Chemicals, is 50% owned by Ashland. Germany-based Sud-Chemie, which was purchased by Switzerland's Clariant in 2011, formed the other half of ASK.

From 1 October through 31 March, two subsidiaries of ASK sold granulate, coatings and hot-top products to companies that Ashland suspects are affiliated with the government of Iran, the company said.

The revenues derived from those sales were €715,000 ($941,000), and the net profits were €75,000, Ashland said.

In March, ASK's supervisory board unanimously resolved to end any business with Iran, including any that would require disclosure under the Iran Threat Reduction and Syria Human Rights Act of 2012 (ITRSHRA), Ashland said.

As a result, ASK and its subsidiaries are winding down and ending all business with or in Iran, Ashland said.

Ashland said that neither it nor any of its joint ventures have any intentions of engaging in any activity that is either prohibited by the ITRSHRA or which would require disclosure under the regulation.

In 2010, Huntsman ended sales into Iran, although the sales had been done in compliance with US law.

($1 = €0.76)

By: Al Greenwood
+1 713 525 2645

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