COVINGTON, Ky. -- Ashland Inc. announced today that it signed a definitive agreement with Air Products and Chemicals Inc. for an asset purchase of its pressure-sensitive adhesive business and its atmospheric emulsions business.
The $92 million transaction includes manufacturing facilities in Elkton, Md., and Piedmont, S.C.
The purchased operations, which will merge into Ashland's Specialty Polymers & Adhesives (SP&A) business group, had sales of $126 million in 2007, principally in North America.
Approximately 80 employees will transfer to Ashland upon closing of the acquisition, expected by June 30, dependent upon a number of standard closing conditions including regulatory review.