Ashland has agreed to transfer a portion of its North
American middle market commercial business assets to Rochester
Midland Corp. (RMC), the company said on Friday.
The business to be transferred includes roughly 5,000
customer locations, with total annualized revenues of
approximately $15 million.
terms of the transaction were not disclosed.
Under the agreement, RMC will have the right to make and
sell Ashland water treatment products into the North American
Going forward, Ashland and RMC will be working together to
provide high-quality, innovative products and services to this
segment, the companies said.
"The transfer of this portion of our North America
commercial business to Rochester Midland is consistent with our
decision to focus more on heavy industrial markets, while
maintaining our long-standing commitments to our commercial
customers," said Paul Raymond, president of water
"We believe Rochester Midland is well positioned to serve
these customers and grow this business to realize a greater
return for both companies, and we look forward to working with
them, Raymond added.
"We look forward to a long-term relationship with Ashland
Water Technologies in multiple areas of mutual interest in our
markets and geographies," added Harlan Calkins, Rochester
The transaction is expected to close by early May, subject
to fulfillment of certain conditions, the companies said.
Approximately 70 employees who currently work in the
business are being transferred. RMC has committed to offering
jobs to all of these employees, it said.