companies Clariant and Ashland have formally sold 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.
The enterprise value of
the transaction before debt and assumed liabilities amounts to
CHF 310 million (EUR 257 million). After adjustments for debt
and assumed liabilities, total pre-tax proceeds to the sellers
will be approximately CHF 180 million (EUR 149 million), which
includes CHF 155 million (EUR 128 million) in cash and a CHF 25
million (EUR 21 million) buyer note.
Proceeds will be split
evenly between Ashland and Clariant under terms of the 50/50
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
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 EUR 513 million.