ARKAF - Ashland offloads performance adhesives business to Arkema for $1.65B

Ashland LLC, a wholly owned subsidiary of Ashland Global Holdings (NYSE:ASH) has sold its performance adhesives business to Arkema (OTCPK:ARKAY) in an all-cash transaction valued at approximately $1.65B. The transaction is expected to close by the end of FY2021. The company expects net proceeds of approximately $1.2B to $1.3B from this transaction which will be used to invest in the growth of core businesses as well as optimize balance sheet and reward shareholders. Guillermo Novo, chairman and chief executive officer, Ashland said, “As we look to the future, we are excited about the quality of our additive and ingredients portfolio and our leadership position in the core markets we serve. Our experience and innovation capabilities, together with a more ESG-aligned portfolio will provide exciting opportunities to create value for all of our stakeholders, especially our customers, employees and shareholders. As we execute our strategy to expand Ashland’s additive and ingredients leadership

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Ashland offloads performance adhesives business to Arkema for $1.65B