FLORHAM PARK, NJ – Troy Corp. has signed a definitive agreement to acquire the industrial biocides business from Ashland Inc. The transaction is expected to close within 60 days, contingent on standard closing conditions and completion of required employee information and consultation processes. Financial terms were not disclosed.
Ashland Specialty Ingredients’ industrial biocides business was formerly owned and operated by ISP Inc. and includes the Fungitrol™ brand of dry-film preservatives and Nuosept™ brands, which are supplied to the paint and coatings industry and allied markets. The company’s Consumer Specialties business unit, which includes preservatives for the personal care market, is not part of the agreement with Troy.
“Troy prides itself on innovation and premium service to its customers,” said W. Brian Smith, Vice President, Troy Corp. “With the addition of Ashland’s industrial biocides business, Troy’s premier portfolio of preservatives will be enhanced, delivering even more value, performance and sustainability to the marketplaces served.”