Ashland Inc. (NYSE: ASH) has announced that its subsidiary, Hercules Incorporated, has entered into a definitive agreement to sell its aviation and refrigerant lubricants business, a polyol/ester-based synlubes business, to Monument Chemicals Inc., a Heritage Group Company. Annual revenue for Ashland's synlubes business is approximately $50 million. The purchase price was not disclosed.
The asset purchase agreement provides that Monument Chemicals will obtain a 22-acre parcel that includes the manufacturing facility in Louisiana, Mo. Monument Chemicals plans to continue operating the facility.
The transaction is expected to close within the next 60 days, subject to fulfillment of certain conditions. The parties have agreed to work together to ensure a seamless transition with no disruption in customer service. Ashland is making the transaction in order to better focus its resources on more strategic assets and product lines.
Ashland Water Technologies is a leading global producer of papermaking chemicals and a leading specialty chemicals supplier to the pulp, paper, commercial and institutional, food and beverage, chemical processing, mining and municipal markets. Its process, utility and functional chemistries are used to improve operational efficiencies, enhance product quality, protect plant assets and help ensure environmental compliance.
In more than 100 countries, the people of Ashland Inc. (NYSE: ASH) provide the specialty chemicals, technologies and insights to help customers create new and improved products for today and sustainable solutions for tomorrow. Our chemistry is at work every day in a wide variety of markets and applications, including architectural coatings, automotive, construction, energy, food and beverage, personal care, pharmaceutical, tissue and towel, and water treatment. Visit www.ashland.com to see the innovations we offer through our four commercial units - Ashland Specialty Ingredients, Ashland Water Technologies, Ashland Performance Materials and Ashland Consumer Markets (Valvoline).