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shland Inc.
today announced that it has
signed a definitive agreement to sell the industrial biocides assets
within Ashland Specialty Ingredients to Troy Corporation, a global
leader in microbial control products and performance additives. The
transaction is expected to close within 60 days, contingent on standard
closing conditions and completion of required employee information and
consultation processes. Financial terms were not disclosed.
Industrial biocides - which help control and prevent the growth of
bacteria, mold and other microorganisms in a wide range of coatings,
construction materials and energy products - accounted for approximately
two percent of Specialty Ingredients' sales for the 12 months ended
March 31, 2015.
Specialty Ingredients' lineup of preservatives products, which is
focused on consumer markets, is excluded from the agreement with Troy.
Ashland is committed to retaining and growing that strategic business.
"This divestiture reflects our continued focus on driving growth within
the higher-margin core businesses where we offer greater value to our
customers," said Luis Fernandez-Moreno, Ashland senior vice president
and president of Ashland's Chemicals Group. "As a smaller player within
the industrial biocides market, Ashland has lacked the critical mass
needed to be successful. Troy is better positioned to capitalize on
growth opportunities within this segment and we are committed to working
with them to ensure a seamless transition for our industrial biocides
employees and customers."
"Troy prides itself on innovation and premium service to its customers,"
said W. Brian Smith, Vice President, Troy Corporation. "With the
addition of Ashland's industrial biocides business, Troy's premier
portfolio of preservatives will be enhanced, delivering even more value,
performance, and sustainability to the marketplaces served."
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