Air Products sells units to Ashland for $92M
Monday June 9, 9:11 am ET
Air Products sells non-pressure adhesive, atmospheric emulsions units to Ashland for $92M
LEHIGH VALLEY, Pa. (AP) -- Industrial gases and equipment supplier Air Products & Chemicals Inc. said Monday it sold its pressure-sensitive adhesive business and its atmospheric emulsions business to Ashland Inc. for $92 million.
The businesses had sales of $126 million last year, mostly in North America.
The acquisition includes manufacturing facilities in Elkton, Md. and Piedmont, S.C. About 80 Air Products employees will be offered jobs with Ashland, which plans to continue operating the two plants.
The units will be integrated in to Ashland's Specialty Polymers & Adhesives group.
The companies expect the sale to be completed by the end of June, pending regulatory and other approvals.
Pressure-senstive or non-pressure adhesives are used in products such as labels, note pads and vehicle trim. Atmospheric emulsions are used in paint, adhesives and paper coatings.
Source: Associated Press
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