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
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
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.