COVINGTON, Ky. (June 1, 2011)—Ashland Inc. has agreed to acquire privately owned International Specialty Products Inc., a global specialty chemical manufacturer of innovative functional ingredients and technologies.
Ashland will pay about $3.2 billion for the business in an all-cash transaction.
At closing, ISP's advanced product portfolio will expand Ashland's position in high-growth markets such as personal care, pharmaceutical and energy.
For the 12 months ended March 31, ISP generated sales of about $1.6 billion and earnings before interest, taxes, depreciation and amortization of about $360 million. The transaction is expected to be immediately accretive to Ashland's earnings per share.