MOSCOW (MRC) -- Ashland Inc. announced it has completed the sale of its elastomers business, based in Port Neches, Texas, to Lion Copolymer Holdings, LLC., said the company in its press release.
Financial terms were not disclosed.
The elastomers business, which primarily serves the North American replacement tire market, accounted for approximately 18 percent of Ashland Performance Materials' USD1.6 billion in sales in fiscal 2014. Ashland operates a 250-person manufacturing facility in Port Neches that serves elastomers customers.
"We are pleased with the value we received for the business and believe this transaction represents a good strategic fit for Lion," said James J. O'Brien, Ashland chairman and chief executive officer.
As MRC informed before, in August 2014 Ashland Inc.completed the previously announced sale of Ashland Water Technologies to a fund managed by Clayton, Dubilier & Rice (CD&R) in a transaction valued at approximately USD1.8 billion. Net proceeds from the sale totaled approximately USD1.4 billion, which primarily will be used to return capital to shareholders in the form of share repurchases.
Ashland Inc. is a global leader in providing specialty chemical solutions to customers in a wide range of consumer and industrial markets, including architectural coatings, automotive, construction, energy, food and beverage, personal care and pharmaceutical. Through our three commercial units - Ashland Specialty.
MRC