INEOS buys Ashland’s Composites business for US$1.1bn

INEOS has announced that it will buy the Composites business from Ashland Global Holdings, including a butanediol facility in Germany.

Ashland produces unsaturated polyester resins, vinyl ester resins, gel coats, and corrosion-resistant fibreglass reinforced plastic (FRP). FRP can withstand high temperatures and harsh acids, and is becoming an alternative to alloys, concrete, and corrosion-prone materials such as stainless steel. The butanediol facility in Germany produces intermediates for high performance polyesters and polyurethanes. The businesses included in the transaction employ 1,300 people across 20 sites globally.

Ashley Reed, CEO of INEOS Enterprises, said: “Ashland’s composite resins … are light, strong and resistant to attack from chemicals and even fire. Unlike wood they don’t rot, unlike metal they don’t corrode, and unlike concrete they don’t crack. We believe that they have great potential for growth under INEOS ownership.”

The deal is expected to complete in the first half of 2019.