The $92m transaction includes the sale of manufacturing facilities in Elkton, Maryland, and Piedmont, South Carolina. The Piedmont facility manufactures Flexcryl pressure sensitive adhesives, while the Elkton plant produces atmospheric emulsions that are used in paint, adhesives, and paper coatings.
Approximately 80 employees will be offered employment with Ashland, which plans to continue operations at both sites.
The operations, which will merge into Ashland’s Specialty Polymers & Adhesives (SP&A) business group, had sales of $126m in 2007, principally in North America.
The acquisition is due to be completed by the end of June, dependent upon a number of standard closing conditions including regulatory review.