May 5 2005
Ashland Composite Polymers, a business group of Ashland Specialty Chemical, a division of Ashland Inc., has agreed to divest its Scandinavian affiliates' distribution business to GRP Materials Supplies Limited (GRPMS), part of UMECO plc. The sale - which includes property, inventory and other fixed assets related to the distribution businesses in Sweden, Denmark and Norway - is a cash transaction that is expected to close around July 1, 2005. A number of employees associated with the distribution business will then transfer to GRPMS.
As part of the agreement, Ashland will continue to supply its products to major accounts in these countries on a direct basis, while GRPMS becomes sole distributor for Ashland Composite Polymers products, including the DERAKANE® line recently acquired from The Dow Chemical Company, to small and medium-size customers.
"GRPMS has a long-standing relationship with Ashland in the U.K. and Ireland," said Stefan Osterwind, Ashland Composite Polymers business manager, Europe. "They also already represent several major suppliers of complementary products like glass fiber and peroxides in Scandinavia, and we know that they will continue to maintain a high level of service to our customers."
Ashland Composite Polymers, a business group of Ashland Specialty Chemical, is a leader in supplying products, processes and technologies to the global marketplace for composites and gel coats.
Ashland Specialty Chemical, a division of Ashland Inc., is a leading, worldwide supplier of specialty chemicals serving industries including adhesives, automotive, composites, metal casting, merchant marine, paint, paper, plastics, watercraft and water treatment. Visit www.ashspec.com to learn more about these operations.
Ashland Inc. is a Fortune 500 transportation construction, chemical and petroleum company providing products, services and customer solutions throughout the world.
http://www.ashland.com