Ashland to Sell Maleic Anhydride Business to AOC Materials
Ashland Global Holdings Inc. has announced a definitive agreement to sell the company’s maleic anhydride business and manufacturing facility in Neal, W.V. to AOC Materials LLC, for $100 million. The maleic anhydride business was previously excluded from the sale of the Ashland 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.
Ashland stated that the announcement reflects the company’s strategic focus to streamline its portfolio and to focus on specialty ingredients and improved margins. “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.