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LEHIGH VALLEY, PA – Air Products has sold its non-pressure
emulsions businesses and related production facilities in Elkton, MD, and
Piedmont, SC, to Ashland Inc. for $92 million. The sale completes the disposal
of assets of Air Products Polymers and is part of Air Products’ continued
portfolio management efforts to make the company more focused, less cyclical
and better positioned for higher growth.
The Piedmont facility manufactures Flexcryl pressure sensitive adhesives. The Elkton plant produces atmospheric emulsions that are used in paint, adhesives and paper coatings. Approximately 80 employees will be offered employment with Ashland, which plans to continue operations at the Piedmont and Elkton facilities.
In January 2008, Air Products sold its interest in Air Products Polymers to Wacker Chemie AG, its partner in the venture. As part of the sale, Air Products acquired full ownership of the Elkton and Piedmont facilities.
Air Products and Ashland expect the sale, which is subject to regulatory approvals and customary closing conditions, to be completed by the end of June 2008.
The Piedmont facility manufactures Flexcryl pressure sensitive adhesives. The Elkton plant produces atmospheric emulsions that are used in paint, adhesives and paper coatings. Approximately 80 employees will be offered employment with Ashland, which plans to continue operations at the Piedmont and Elkton facilities.
In January 2008, Air Products sold its interest in Air Products Polymers to Wacker Chemie AG, its partner in the venture. As part of the sale, Air Products acquired full ownership of the Elkton and Piedmont facilities.
Air Products and Ashland expect the sale, which is subject to regulatory approvals and customary closing conditions, to be completed by the end of June 2008.
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