Clariant, a world leader in speciality chemicals and Ashland Inc have announced the closing of the previously announced sale of their joint venture (JV) ASK Chemicals, headquartered in Hilden, Germany, to investment funds affiliated with Rhône, a London and New York-based private equity investment firm on June 30, 2014.
The enterprise value of the transaction before debt and assumed liabilities amounts to CHF310M (€257M). After adjustments for debt and assumed liabilities, total pre-tax proceeds to the sellers will be approximately CHF180M (€149M), which includes CHF155M (€128M) in cash and a CHF25M (€21M) buyer note. Proceeds will be split evenly between Ashland and Clariant under terms of the 50/50 JV.
With 1800 employees in 25 countries ASK Chemicals is a leading foundry chemicals manufacturer. Its portfolio encompasses a range of foundry resources, such as binders, coatings and filters.
