Ashland has announced a definitive agreement to sell the company’s maleic anhydride business and manufacturing facility in Neal, West Virginia to AOC Materials for $100 million.
The Maleic Anhydride Business of Ashland
Maleic anhydride is manufactured industrially on a large scale for applications in coatings and polymers. The business was previously excluded from the sale of Ashland’s Composites business and the butanediol (BDO) manufacturing facility in Marl, Germany, to INEOS Enterprises.
The transaction with AOC is expected to close prior to the end of calendar year 2020, contingent on customary regulatory approvals and standard closing conditions.
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The Maleic business and its respective employees have made important contributions to Ashland, and AOC will take a strategic view of the business to drive growth and continue their success,” said Guillermo Novo, chairman and chief executive officer, Ashland.
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We are delighted to have this business as a part of our company and welcome the employees who have made it successful to the AOC family. We are excited about the growth prospects, not only as a source for our internal consumption but also for the merchant market as well.” remarked Joe Salley, chief executive officer, AOC.
Source: Ashland