Deals
Ashland to Buy Specialty Chemical Maker ISP for $3.2 Billion
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Ashland Inc., the maker of Valvoline motor oil, agreed to buy closely held International Specialty Products Inc. for $3.2 billion to tap demand for higher-margin ingredients used in personal-care products and pharmaceuticals.
The all-cash purchase of ISP is expected to add to earnings immediately after closing, which should occur by September, Covington, Kentucky-based Ashland said today in a statement. The acquisition will be funded with cash and committed bank financing, Ashland said.