Displaying items by tag: ashland

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).

Ashland Inc. (NYSE: ASH) today announced that on Wednesday, Nov. 9, at 9 a.m. EST, it will conduct a live webcast of its fourth-quarter earnings presentation to the investment community. The presentation will cover results for the quarter ended Sept. 30, 2011, the fourth quarter of Ashland's 2011 fiscal year. The company's results will be issued earlier in the day.

In attendance at the presentation will be: James J. O'Brien, chairman and chief executive officer; Lamar M. Chambers, senior vice president and chief financial officer; Samuel J. Mitchell, president, Ashland Consumer Markets; John E. Panichella, president, Ashland Specialty Ingredients; and David A. Neuberger, director, Investor Relations.

The webcast, which will last approximately 60 minutes, will be accessible through Ashland's Investor Relations website, http://investor.ashland.com, along with supporting materials. Following the live event, an archived version of the webcast and supporting materials will be available on the Ashland website for 12 months. Minimum requirements to listen to the webcast include the free Windows MediaPlayer software and a 28.8 Kbps connection to the Internet.

Ashland Inc., a global leader in specialty chemical solutions for consumer and industrial markets, today announced it will hold an analyst day on Tuesday, Nov. 15, 2011, in New York City. James J. O'Brien, chairman and chief executive officer, along with other members of the company's management team, will provide updates on key business strategies and growth initiatives. The presentations will outline management's expectations for Ashland's longer-term performance, with a focus on fiscal 2014, as well as provide a more in-depth look at the newly formed Ashland Specialty Ingredients commercial unit.

Further event details will be posted on Ashland's investor website at http://investor.ashland.com closer to the date.

An audio webcast of the conference will be available live and can be accessed, along with supporting materials, through the Ashland website. A replay will be available within 24 hours of the live event and will be archived, along with supporting materials, on Ashland's website for 12 months. Copies of the presentations may also be requested by sending an email to This email address is being protected from spambots. You need JavaScript enabled to view it. or by calling 859-815-4454.

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).

COVINGTON, Ky. - Ashland Inc. (NYSE: ASH), a global leader in specialty chemical solutions for consumer and industrial markets, today completed its acquisition of privately owned International Specialty Products Inc. (ISP), a global specialty chemical manufacturer of innovative functional ingredients and technologies. The purchase was an all-cash transaction for  $3.2 billion, subject to post-closing adjustments for changes in net working capital and certain other items. 

"This defining transaction is expected to be immediately accretive and will significantly expand our position in higher-margin, higher-growth end markets, including personal care, pharmaceutical, food and beverage and energy," said James J. O'Brien, Ashland chairman and chief executive officer. "We are excited about combining ISP's technologies and capabilities with our own. This acquisition enhances our ability to satisfy the increasing global demand for more technologically advanced consumer and industrial products, and to continue to generate industry-leading innovation and solutions for our customers."

Integration overview 

ISP will be integrated into the Ashland Aqualon Functional Ingredients commercial unit, more than doubling the size of Ashland's highest-margin business. Effective immediately, the combined unit will be called Ashland Specialty Ingredients. Going forward, Ashland Specialty Ingredients is expected to contribute roughly half of Ashland's EBITDA. In addition, approximately half of Ashland's overall revenues will now be derived outside of North America.

An integration team with key representatives of both companies is being led by John Panichella, president of the new Ashland Specialty Ingredients business. Ashland anticipates approximately $50 million in annual run-rate savings by the end of the second year through eliminating redundancies and capturing operational efficiencies.

Added Panichella, "The addition of ISP greatly expands the breadth of our technology platforms and provides new resources and capabilities to better capitalize on market opportunities. In particular, we now can offer our customers one of the broadest, most functional portfolios of water-soluble polymers in the world."

Transaction Details

The transaction was funded through a combination of cash on hand and borrowed funds from Citigroup, The Bank of Nova Scotia, BofA Merrill Lynch and U.S. Bank National Association. BofA Merrill Lynch acted as financial advisor, and Cravath, Swaine & Moore LLP acted as legal counsel, to Ashland. Moelis & Company acted as financial advisor, and Sullivan & Cromwell LLP acted as legal counsel, to ISP.

To see a video of Ashland Chairman and CEO Jim O'Brien discussing the ISP acquisition, click here

Ashland Performance Materials, a commercial unit of Ashland Inc. (NYSE: ASH), is launching new versatile products for narrow-web printing at this year's Labelexpo Europe exhibition in Brussels, Belgium, Sept. 28 - Oct. 1.

Technical sales and applications experts from Ashland Performance Materials will be available at the Brussels Exposition Center in Hall 11, stand 11s85, to illustrate the benefits of Ashland's comprehensive portfolio of varnishes, adhesives and coatings for narrow-web printing.

"We are excited to introduce a new portfolio of products with outstanding functionality in narrow-web printing applications," said Stuart May, director of sales, Ashland Performance Materials, Europe, Middle East and Africa. "Ashland's UV and water-based varnishes, adhesives and coatings are used in applications including food packaging, labels and tags, commercial printing, protective packaging and graphic arts. These unique technologies provide a number of process and end-product benefits to manufacturers to help improve their performance."

Ashland's Pureseal(TM) 23323E water-based synthetic cold-seal adhesive provides benefits for flexographic food packaging printing that include enabling shorter specialized runs, which are of particular importance in the confectionery bar market, and that it can be applied as an overall coat or pattern. It seals packages comprised of biaxially oriented polypropylene (OPP), white OPP metalized OPP, polyester and other substrates suitable for food packaging. It also releases from release-treated films or release lacquer-coated substrates and complies with U.S. Food and Drug Administration regulations for food packaging.

Ashland's other new adhesive technologies are UV curable low-migration varnishes and laminating adhesives. These products provide benefits to a broad range of food packaging applications. The instantaneous UV cure associated with these products is based on a stable, one-component system with near-zero volatile organic compounds. These technologies are designed specifically for flexographic printing but are also suitable for other application methods including gravure and multi-roll coating equipment. Ashland's UV curable low-migration varnishes and laminating adhesives are ideal for use with many different types of substrates such as packaging films, foils and papers.

In addition, Ashland offers an extensive range of liquid UV-curable, pressure-sensitive adhesives (PSAs) for narrow-web-flexo applications. These technologies cover a vast array of processes. They are suitable for in-line application as an alternative to conventional PSA label-stock and can also achieve pattern application for specialty label constructions such as expandable information labels, booklet and coupon constructions. Ashland's portfolio also includes specialty products, such as a cold-foil transfer adhesives and adhesive deadeners.

To learn more about Ashland's innovative varnishes, adhesives and coatings product lines, please contact a sales associate at This email address is being protected from spambots. You need JavaScript enabled to view it. or visit our website at www.ashland.com.

Ashland Performance Materials is the global leader in unsaturated polyester resins and epoxy vinyl ester resins. In addition, it provides customers with leading technologies in gelcoats, pressure-sensitive and structural adhesives.

Ashland Aqualon Functional Ingredients, a commercial unit of Ashland Inc. (NYSE:ASH), recently began construction on a new nonionic synthetic thickener manufacturing facility in Alizay, France. The new manufacturing facility is scheduled for completion and start-up in late spring of 2012 and will significantly increase global capacity of Aquaflow^(TM) nonionic synthetic associative thickeners (NSATs).

"The new facility is strategically positioned in Western Europe to shorten lead times and improve service for our customers," said Jason Homer, global business manager, Coatings Additives, Ashland Aqualon Functional Ingredients. "Europe in particular, has recently seen a dramatic increase in demand for Aquaflow NSATs. This new facility complements our existing manufacturing capacity and gives us flexibility to improve continuity of supply for all customers worldwide."

The new facility will have capability to produce the full line of low-, mid- and high-shear effective Aquaflow thickeners. "Aquaflow thickeners, which have recently gained tremendous market acceptance, provide paint manufacturers with greatly improved application properties compared to competitive technologies on the market today," said Dale MacDonald, vice president, Coatings Additives, Ashland Aqualon Functional Ingredients. "This major investment demonstrates Ashland's commitment to the market and our dedication to creating innovative rheology solutions. With Aquaflow assets positioned in the U.S. and now in Europe as well, we will be better positioned to service the needs of our global customers."

Ashland Aqualon Functional Ingredients is a leading producer of hydrocolloids, primarily cellulose ethers, worldwide. It provides specialty additives and functional ingredients that manage the physical properties of aqueous and non-aqueous systems including rheology control, water retention, bonding strength, film formation, conditioning, deposition and stabilization. Many of its products - used in paint and coatings, construction, food, personal care,  pharmaceuticals, oil and gas field production and specialty industries - are derived from renewable and natural raw materials.

Ashland Inc. has announced that David L. Hausrath, 59, senior vice president and general counsel, will retire effective Dec. 1, 2011, after more than 30 years of service. Hausrath will remain a senior vice president of Ashland and a member of the company`s Executive Committee until his retirement.

Succeeding Hausrath is Peter J. Ganz, 49, who was elected senior vice president and general counsel by the board of directors at its meeting today. Ganz will also serve as a member of Ashland`s Executive Committee and report to Ashland Chairman and Chief Executive Officer James J. O`Brien.

Commenting on the changes, O`Brien said, "During David`s 12 years as general counsel and a member of the Executive Committee, we worked together on the transformation of Ashland from a diversified energy and chemical company into a global leader in specialty chemicals. David`s keen insights, legal expertise and wise counsel have been invaluable during this period of significant change, and I appreciate the contributions he has made to Ashland."

O`Brien continued, "Peter possesses significant corporate experience, including within the specialty chemical business, and his strong capabilities mesh well with Ashland`s needs. We`re pleased he`s joining the Ashland team and look forward to working with him as we continue to build Ashland as a high-performing global specialty chemical company."

Ganz most recently was a partner with the law firm Sedgwick LLP in Newark, N.J. From 2005 to 2010, he served as executive vice president, general counsel and secretary of Foster Wheeler AG, a global engineering, construction and project-management contractor and power-equipment supplier. Previously, he was senior vice president, general counsel and secretary of G-I Holdings Inc. (formerly GAF Corp.) and of its affiliate, International Specialty Products Inc., in Wayne, N.J., culminating a 10-year career with the GAF group of companies, where he worked in a number of positions of increasing responsibility. Earlier in his career, Ganz practiced litigation with law firms McCarter & English in Newark, N.J., and Kramer, Levin, Nessen, Kamin & Frankel in New York, N.Y. He began his legal career serving a federal judicial clerkship with the Hon. Anne E. Thompson in the U.S. District Court for the District of New Jersey.

A native of Charlotte, N.C., Ganz earned his bachelor of arts degree from Duke University in 1984. In 1987, he received his J.D. degree from Harvard Law School. He is a member of the New York and New Jersey state bar associations and the American Corporate Counsel Association.

Hausrath joined Ashland`s Law Department in 1980 as an attorney. He was named a vice president in 1998 and general counsel in 1999. In 2004, he was elected a senior vice president. He has served on the Executive Committee since 1999.

The Waynesboro, Va., native holds a B.S. in electrical engineering from Virginia Tech. He subsequently earned his J.D. degree from the University of Richmond Law School. Before joining Ashland, he served as a law clerk for the Virginia Supreme Court.

Hausrath is a member of the American Corporate Counsel Association, American Bar Association, Kentucky Bar Association and the Virginia State Bar. He also is a member of the board of directors of the Taft Museum of Art in Cincinnati, Ohio; the board of advisors of the Salmon P. Chase College of Law at Northern Kentucky University in Highland Heights, Ky.; and the History Advisory Board at the Cincinnati Museum Center.

Ashland Inc. has  announced that on Thursday, July 28, at 9 a.m. EDT, it will conduct a live webcast of its third-quarter earnings presentation to the investment community. The presentation will cover results for the quarter ended June 30, 2011, the third quarter of Ashland's 2011 fiscal year. The company's results will be issued earlier in the day.

In attendance at the presentation will be: James J. O'Brien, chairman and chief executive officer; Lamar M. Chambers, senior vice president and chief financial officer; John E. Panichella, president, Ashland Aqualon Functional Ingredients; and David A. Neuberger, director, investor relations.

The webcast, which will last approximately 60 minutes, will be accessible through Ashland's Investor Relations website, http://investor.ashland.com, along with supporting materials. Following the live event, an archived version of the webcast and supporting materials will be available on the Ashland website for 12 months. Minimum requirements to listen to the webcast include the free Windows MediaPlayer software and a 28.8 Kbps connection to the Internet.

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, 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 Aqualon Functional Ingredients, Ashland Hercules Water Technologies, Ashland Performance Materials and Ashland Consumer Markets (Valvoline).

Naturally Advanced Technologies Inc., and Hercules Incorporated, a subsidiary of Ashland Inc., has announced that they have entered into a joint development agreement for CRAiLEXä high-grade dissolving pulp.

CRAiLEX is the brand name for the purified pulp created from a patented process that is exclusively held by Naturally Advanced Technologies Inc. In recent tests, CRAiLEX has proven to exhibit higher-grade value pulps than any other hard- or soft-wood pulps. The pulps are used by Ashland to create its line of cellulosic products for multiple industries.

"This is the start of our CRAiLEX technology roll out," said Ken Barker, CEO of NAT. "In the same manner and strategy we employed to bring our CRAiLAR(r) technology to commercialization, partnering with an industry leader such as Ashland Inc. is a key milestone in the development of CRAiLEX. We are extremely proud of the opportunity and partnership potential in working with Ashland."

Naturally Advanced Technologies Inc.
Naturally Advanced Technologies Inc. develops renewable and environmentally sustainable biomass resources from flax, hemp and other bast fibers. The Company, through its wholly owned subsidiary, CRAiLAR(r) Fiber Technologies Inc., has developed proprietary technologies for production of bast fibers, cellulose pulp, and their resulting by-products in collaboration with Canada's National Research Council and the Alberta Innovates. CRAiLAR technology offers cost-effective and environmentally sustainable processing and production of natural, bast fibers resulting in increased performance characteristics for use in textile, industrial, energy, medical and composite material applications. The Company was founded in 1998 as a provider of environmentally friendly, socially responsible clothing. For more information, visit www.naturallyadvanced.com.

Ashland Inc. and International Specialty Products Inc. (ISP) today announced that Ashland has agreed to acquire privately owned ISP, a global specialty chemical manufacturer of innovative functional ingredients and technologies. Under the terms of the stock purchase agreement, Ashland will pay approximately $3.2 billion for the business in an all-cash transaction. At closing, ISP's advanced product portfolio will expand Ashland's position in high-growth markets such as personal care, pharmaceutical and energy. For the 12 months ended March 31, 2011, ISP generated sales of approximately $1.6 billion and earnings before interest, taxes, depreciation and amortization (EBITDA) of approximately $360 million. The transaction is expected to be immediately accretive to Ashland's earnings per share.

ISP is a leading global supplier of specialty chemicals and performance enhancing products for consumer and industrial markets. Through its unique offerings, ISP will bring high-value water soluble polymers and other advanced technologies into Ashland's functional ingredients business, as well as complementary additives for Ashland's food and beverage, energy, coatings, adhesives and water treatment markets. The acquisition is expected to significantly strengthen Ashland's functional ingredients active patent portfolio and its team of research and development scientists. The result will be a stronger, global functional ingredients business with proven technological and application capabilities to solve customers' unique formulation challenges.

Ashland Chairman and Chief Executive Officer James J. O'Brien said, "This defining transaction enables us to significantly expand our market positions in higher margin, higher growth and less cyclical global markets like personal care and pharmaceuticals. It broadens Ashland's presence within attractive growth areas like skin, hair and oral care, which are large and fast-growing segments of the $5-billion-plus personal care specialty ingredients market. In addition, we expect to more than double the size of our highest-margin functional ingredients business."

ISP President and Chief Executive Officer Sunil Kumar said, "We are very enthusiastic about the opportunity to combine ISP with Ashland. Both companies have a strong commitment to serving customers with innovative solutions and technologies. We appreciate Ashland's passion for this business and we believe this combination offers tremendous potential for our customers, key business partners and employees."

O'Brien added, "We look forward to welcoming ISP's employees to Ashland. Our business models are complementary and we share common capabilities in formulation, application development and polymerization. We are disciplined in the underlying processes and operations that enable us to manufacture best-in-class products. Given the quality of leadership within both businesses and our success with the integration of prior acquisitions, we are confident we will achieve a smooth transition to a combined company. We are excited about the opportunities for innovation and growth that lie ahead of us."

Transaction Details

On a pro forma basis giving effect to the transaction, Ashland would have had combined revenue for the 12 months ended March 31, 2011, of approximately $7.6 billion, with nearly half of revenues generated outside North America.  The newly combined functional ingredients business is expected to contribute roughly half of  Ashland's $1.1-billion pro forma EBITDA.

Ashland expects to realize annualized run-rate cost savings of approximately $50 million by the second year following the transaction's close through eliminating redundancies and capturing operational efficiencies.

The transaction, which is expected to close prior to the end of the September quarter, is subject to satisfaction of customary closing conditions and receipt of U.S. and European Union regulatory approvals. The purchase price will be subject to post-closing adjustments for changes in net working capital and certain other items. The transaction will be funded through a combination of cash on hand and committed financing from Citi, The Bank of Nova Scotia, BofA Merrill Lynch and U.S. Bank National Association, subject to customary terms and conditions.

Under the terms of the stock purchase agreement, if the financing is not available and the other conditions to closing are satisfied, ISP has the right to terminate the agreement and require Ashland to pay a fee of $413 million.

BofA Merrill Lynch acted as financial advisor, and Cravath, Swaine & Moore LLP acted as legal counsel, to Ashland. Moelis & Company acted as financial advisor, and Sullivan and Cromwell LLP acted as legal counsel, to ISP.

Conference Call and Webcast

Ashland will provide a live conference call and webcast with securities analysts today at 9 a.m. EDT to discuss the transaction and a presentation will be made available shortly before the event. Investors, the news media and others may access the live event through Ashland's website at http://investor.ashland.com. Following the live event, an archived version of the webcast and supporting materials will be available for 12 months.