Ashland to acquire composites manufacturing facility in France from Reichhold
April 06 2017 - 1:00PM
COVINGTON, KY, April 6, 2017 -
Ashland Global Holdings Inc. (NYSE: ASH) today announced that it
has made a binding offer to acquire a composites resin
manufacturing facility in Etain, France, from Reichhold Holdings
International B.V. The transaction, which is subject to customary
regulatory approvals, is expected to be completed by the end of
June.
The Etain facility, which employs
approximately 50 people, manufactures unsaturated polyester resins
(UPR) used in a variety of end markets, including transportation
and construction. Reichhold said the proposed transaction is an
integral part of the program to achieve closing of its previously
announced combination with Polynt.
"This transaction is a unique
opportunity to strengthen Ashland's position in the European
composites market at a highly attractive price, and with very
compelling terms and conditions," said Andy Johnston, group vice
president, Composites. "The Etain facility is centrally located
and, together with Ashland's existing UPR facilities in Spain and
Finland, we will be well positioned to deliver enhanced service to
our customers and support future growth opportunities across
Europe."
About Ashland
Ashland Global Holdings Inc. (NYSE: ASH) is a premier global
specialty chemicals company serving customers in a wide range of
consumer and industrial markets, including adhesives, architectural
coatings, automotive, construction, energy, food and beverage,
personal care and pharmaceutical. At Ashland, we are 6,000
passionate, tenacious solvers - from renowned scientists and
research chemists to talented engineers and plant operators - who
thrive on developing practical, innovative and elegant solutions to
complex problems for customers in more than 100 countries. Ashland
also maintains a controlling interest in Valvoline Inc. (NYSE:
VVV), a premium consumer-branded lubricant supplier.
Visit ashland.com to learn more.
C-ASH
Forward-Looking
Statements
This news release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended and Section 21E of the
Securities Exchange Act of 1934, as amended. Ashland has identified
some of these forward-looking statements with words such as
"anticipates," "believes," "expects," "estimates," "is likely,"
"predicts," "projects," "forecasts," "objectives," "may," "will,"
"should," "plans" and "intends" and the negative of these words or
other comparable terminology. These forward-looking statements
include statements relating to our plan to drive profitable growth
and the expected completion of the final separation of Valvoline
Inc. ("Valvoline") through the distribution of Valvoline common
stock. In addition, Ashland may from time to time make
forward-looking statements in its annual reports, quarterly reports
and other filings with the SEC, news releases and other written and
oral communications. These forward-looking statements are based on
Ashland's expectations and assumptions, as of the date such
statements are made, regarding Ashland's future operating
performance and financial condition, the expected completion of the
final separation, the strategic and competitive advantages of each
company, and future opportunities for each company, as well as the
economy and other future events or circumstances. Ashland's
expectations and assumptions include, without limitation, internal
forecasts and analyses of current and future market conditions and
trends, management plans and strategies, operating efficiencies and
economic conditions (such as prices, supply and demand, cost of raw
materials, and the ability to recover raw-material cost increases
through price increases), and risks and uncertainties associated
with the following: the possibility that the final separation will
not be consummated within the anticipated time period or at all,
including as the result of regulatory, market or other factors; the
potential that Ashland does not realize all of the expected
benefits of the separation; Ashland's substantial indebtedness
(including the possibility that such indebtedness and related
restrictive covenants may adversely affect Ashland's future cash
flows, results of operations, financial condition and its ability
to repay debt); the impact of acquisitions and/or divestitures
Ashland has made or may make (including the possibility that
Ashland may not realize the anticipated benefits from such
transactions); and severe weather, natural disasters, and legal
proceedings and claims (including environmental and asbestos
matters). Various risks and uncertainties may cause actual results
to differ materially from those stated, projected or implied by any
forward-looking statements, including, without limitation, risks
and uncertainties affecting Ashland that are described in Ashland's
most recent Form 10-K (including Item 1A Risk Factors) filed with
the SEC, which is available on Ashland's website at
http://investor.ashland.com or on the SEC's website at
http://www.sec.gov. Ashland believes its expectations and
assumptions are reasonable, but there can be no assurance that the
expectations reflected herein will be achieved. Unless legally
required, Ashland undertakes no obligation to update any
forward-looking statements made in this news release whether as a
result of new information, future events or otherwise. Information
on Ashland's website is not incorporated into or a part of this
news release.
(TM) Trademark, Ashland or its
subsidiaries, registered in various countries.
FOR FURTHER
INFORMATION:
Investor Relations:
Seth A.
Mrozek
+1 (859)
815-3527
samrozek@ashland.com
Media Relations:
Gary Rhodes
+1 (859) 815-3047
glrhodes@ashland.com
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Ashland Inc. via Globenewswire
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