Ashland Global Holdings Inc. today announced it has completed the previously announced sale of its Composites business (excluding the Maleic business) and butanediol manufacturing facility in Marl, Germany to INEOS Enterprises in a transaction valued at $1.015 billion.
Net proceeds from the sale are approximately $930 million. Over $400 million of debt has been retired and an additional $500 million is expected to be retired by the end of the week.
“The sale of our Composites and Marl businesses allows Ashland to focus on our vision of becoming the premier specialty chemicals company,” said Bill Wulfsohn, Ashland chairman and chief executive officer. “We believe this transaction, when combined with our cost reduction program, will help better position Ashland to deliver sustained earnings growth and significant value for shareholders.”
Citi acted as financial advisor to Ashland, and Squire Patton Boggs LLP acted as legal advisor.
Source: Ashland
Effective from 1 January 2022, Armand Ajdari will be joining Arkema as the Group’s Chief Technology Officer. He will report to Thierry Le Hénaff, Chairman and CEO, and will be a member of the Group management committee.
Ineos Styrolution confirmed its decision to invest into a pilot plant for advanced recycling of polystyrene. The site will be set up in collaboration with Recycling Technologies in Swindon, U.K. It is expected to be operational in the second half of 2022.
The Air Liquide’s Board reviewed the Group’s leadership succession plan and approved the principle of a new form of governance. In this context, when the Board meets at the close of the 2022 Shareholders General Meeting, it will be asked to renew Benoît Potier’s term of office as Chairman of the Board of Directors and to appoint François Jackow to succeed him as Chief Executive Officer with effect from June 1, 2022.
