◆related news

·The JEC Asia Innovat…
·EU anti-dumping duti…
·INMEX China 2010
·Ragasco wins order f…
·Owens Corning Increa…
·JEC Americas to laun…
·Motorcycle wheels ma…
·Alstom supplies 200 …
·Carbon fibre use inc…
·New system for R&D c…
·ESI releases PAM-RTM…
·KMT Robotic Solution…
·Non-destructive test…
·Teijin establishes m…
·Snohetta and PCT dem…
·Polymat Free-Flow to…
·Brazil composites in…
·AOC increases resin …
·Fiber glass yarns an…
·FRP sustainability r…
Ashland completes sale of distribution business to Nexeo Solutions           ★★★
Ashland completes sale of distribution business to Nexeo Solutions

 hits: time:2011-4-6 8:19:29

Ashland Inc has announced that it has closed the sale of its global distribution business Ashland Distribution to Nexeo Solutions LLC, an affiliate of private investment firm TPG Capital.

The purchase price is approximately US$979 million in cash, including an adjustment for estimated closing net working capital, plus the assumption of certain specified liabilities.

With approximately 2000 employees, the Ashland Distribution business, which includes materials for the composites industry, generated revenues of $3.4 billion in fiscal year 2010.

"This transaction signifies our sharpened focus as a high-performing speciality chemicals company," notes Ashland Chairman and CEO James J. O'Brien. "It also is consistent with our overall goal to return maximum long-term value to our shareholders."

Effective with the divestiture, approximately 42% of Ashland's sales are now derived from outside North America, with nearly 20% originating in the high growth regions of Latin America and Asia Pacific.

Ashland Inc (NYSE: ASH), headquartered in Covington, Kentucky, USA,  now operates through four commercial units - Ashland Aqualon Functional Ingredients; Ashland Hercules Water Technologies; Ashland Performance Materials (which includes the company's composites products and services); and Ashland Consumer Markets (Valvoline).

Nexeo - a new composites distribution company

With the acquisition of Ashland Distribution by TPG, Nexeo Solutions has began operations as an independent chemicals, plastics, composites and environmental services distribution company.

"Our goal is to be the preferred global distribution partner for suppliers and customers worldwide," says David Bradley, CEO, Nexeo Solutions. "To achieve that goal, we'll endeavour to do more than just deliver great products from the most trusted producers in the world. We'll also work to add value through product customisation, technical expertise, best-in-class logistics support and a continued commitment to safety and compliance."

Nexeo Solutions is a privately owned and operated company with approximately 2000 employees across North America, Europe and Asia.

Jiangsu Toptek Composite Materials Co.,LTD./ carbon fiber tubes and pipes/fiberglass tubes and pipes/ silicon fiberglass sleeve/ epoxy tubes and pipes /insulation tubes and pipes/ FRP gratings/pultrusion profiles/ fiberglass valve cylinder/carbon fiber ski stick/ carbon fiber alpenstock/ carbon fiber golf club/ carbon fiber billiard cues/ telescopic pole/ golf ball retriever/China/India/Russia/America/ Canada/ Europe/ Asia/ Middle East


Add:Science & Technology park, Building No.1, Qifeng West Road, Rugao City, Jiangsu Prov, China.
226500 Tel:86-513-87307123 Fax:86-513-87307124 E-mail:toptek@frp360.com
© 2010-2011 JIANGSU TOPTEK COMPOSITE MATERIALS CO.,LTD. All rights reserved.