LONDON (ICIS)--Ashland has agreed to sell its maleic anhydride business to AOC Materials for $100m as the US-based chemicals producer moves to streamline its portfolio.
Located in Neal, West Virginia, the unit was previously excluded from the sale of the company’s composites and butanediol facility in Marl, Germany, to INEOS Enterprises, but Ashland has made the move to divest it as part of a drive to increase focus on specialties and improve margins, according CEO Guillermo Novo.
“Today’s announcement furthers Ashland’s strategic focus to streamline our portfolio,” he said.
The deal is expected to close before the end of the year, pending regulatory approvals. Citi and Squier Patten Boggs acted as financial and legal counsel to Ashland on the deal.
Maleic anhydride is used in the production of coatings and polymers.