©2007 DistriConsult. All rights reserved.
July 22nd, 2010
Ashland and Süd-Chemie form JV ASK Chemie
Süd-Chemie and Ashland will merge their worldwide foundry chemical activities under the name ASK Chemicals
Last week Ashland Inc., Covington, KY (USA) and Süd-Chemie AG, Munich (Germany) announced that the two companies have reached contractual agreement on the formation of a global joint venture to merge their business activities in the foundry chemicals sector. The 50:50 joint venture will be trading as ASK Chemicals GmbH and will be headquartered in Hilden (near Düsseldorf), Germany. The operational management leadership will be with Süd-Chemie.
The joint venture will employ approx. 1,300 people. It had “pro-forma” sales of about EUR 243 mn (USD 303 mn) in 1H2010.
Süd-Chemie and Ashland are currently partners in Ashland-Südchemie-Kernfest GmbH, a foundry chemicals company operating in Europe, which they formed back in 1970.
The new global joint venture will be comprised of three parts: Ashland-Südchemie-Kernfest; substantially all assets and employees of Süd-Chemie´s business unit for Foundry Products and Specialty Resins; and Ashland’s Casting Solutions business unit.
The new global joint venture will be comprised of three parts: Ashland-Südchemie-Kernfest; substantially all assets and employees of Süd-Chemie´s business unit for Foundry Products and Specialty Resins; and Ashland’s Casting Solutions business unit.
The transaction is expected to close toward the end of this year. It is subject to customary closing conditions, including regulatory reviews.
Source: Ashland web-site http://www.ashland.com/press_room/news_detail.asp?s=1777
HGE – DCG / 22. July 20010