Jun 10 2008
Air Products today announced it has sold its non-pressure emulsions businesses and related production facilities in Elkton, Md., and Piedmont, S.C., to Ashland Inc. for $92 million. The sale completes the disposal of assets of Air Products Polymers and is part of Air Products’ continued portfolio management efforts to make the company more focused, less cyclical and better positioned for higher growth.
"We’re pleased to have reached an agreement with an industry leader like Ashland," said Wayne Mitchell, vice president, Performance Materials, for Air Products. "Ashland best recognized the value of the employees and assets that make up the non-pressure emulsions business."
The Piedmont facility manufactures Flexcryl pressure sensitive adhesives. 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 the Piedmont and Elkton facilities.
In January 2008, Air Products sold its interest in Air Products Polymers to Wacker Chemie AG, its partner in the venture. As part of the sale, Air Products acquired full ownership of the Elkton and Piedmont facilities.
Air Products and Ashland expect the sale, which is subject to regulatory approvals and customary closing conditions, to be completed by the end of June 2008.