Clariant and Ashland Inc. reported the closing of the previously announced sale of their joint venture 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 $357 million (CHF 310 million and EUR 257 million. Proceeds will be split evenly between Ashland and Clariant under terms of the 50/50 joint venture.
“The divestment of our stake in ASK Chemicals is part of our continuous active portfolio management to reallocate capital towards our more profitable growth areas,” said Hariolf Kottmann, CEO of Clariant.
With 1,800 employees in 25 countries ASK Chemicals is a leading foundry chemicals manufacturer. Its portfolio encompasses an exceptionally broad and innovative range of foundry resources such as binders, coatings, feeders, filters and release agents, as well as metallurgical products including inoculants, inoculation wires and master alloys for iron casting. In full-year 2013 ASK Chemicals generated revenues of $702.1 million (EUR 513 million).