Ashland has closed the sale of its maleic anhydride business and manufacturing facility in Neal, West Virginia to AOC Materials LLC, for $100 million.
Sale Furthers Focus on Specialty Ingredients
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.
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This sale furthers Ashland’s strategic focus on specialty ingredients and improved margins. I want to thank the employees of the maleic business for their important contributions to Ashland and wish them well as they transition to AOC,” said Guillermo Novo, chairman and chief executive officer, Ashland.
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We are pleased to bring this business into the AOC family. We welcome our new employees and we are excited about the strategic growth opportunities,” said Joe Salley, chief executive officer, AOC.
Source: Ashland