Air Products Completes Sale of Non-Pressure Emulsions Business to Ashland
Air Products (NYSE:APD) has completed the previously announced sale of its non-pressure emulsions business and related production facilities in Elkton, Md., and Piedmont, S.C., to Ashland Inc. for $92 million.
We are pleased to complete this sale to Ashland, who best recognized the value of the employees and assets of this business, said Wayne Mitchell, vice president, Performance Materials for Air Products. Id like to thank the employees of these businesses for their hard work and dedication since we announced our intention to sell these businesses. We wish them well in their continued employment with Ashland.
The Piedmont facility manufactures Flexcryl pressure sensitive adhesives. The Elkton plant produces atmospheric emulsions that are used in paint, adhesives, and paper coatings.
The 80 employees associated with the business have been 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.
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