Ashland, Clariant refuse comment on reported auction of JV

13 August 2013 16:58  [Source: ICIS news]

HOUSTON (ICIS)--Producers Ashland and Clariant refused on Tuesday to comment on a report that they are planning to auction off joint venture ASK Chemicals.

News agency Reuters reported on Tuesday that sources familiar with the plan said that Unicredit has been mandated to run the sale and that information packets about the auction will be sent out in late September.

“As a matter of policy, we do not comment on rumours or market speculation,” said Gary Rhodes, director of corporate communications at Ashland.

“In alignment with our company strategy, we do not comment on rumours,” Clariant said in a statement.

ASK Chemicals, based in Hilden, Germany, is a foundry chemical producer. The company did not immediately respond to a request for comment.

Both Ashland and Clariant are in the process of realigning their production portfolios.

On 25 July, US producer Ashland said it has started the process of selling its elastomers business, which includes styrene butadiene rubber (SBR). That same day, Ashland also said it is considering selling its water technologies business.

On 8 July, Clariant CFO Patrick Jany said that the Swiss-based specialty chemicals firm is in active talks with several businesses regarding the divestment of its leather services business unit and its detergents and intermediates business line.

Also, the previously agreed-to sale of Clariant’s textile chemicals, paper specialties and emulsions business units to private equity firm SK Capital will be completed by the September this year, the CFO said.

Additional reporting by Franco Capaldo

By: Jeremy Pafford
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