Ashland Global Holdings Inc. announced that it has made a binding offer to acquire a composites resin manufacturing facility in Etain, France, from Reichhold Holdings International B.V. The transaction, which is subject to customary regulatory approvals, is expected to be completed by the end of June.
The Etain facility, which employs approximately 50 people, manufactures unsaturated polyester resins (UPR) used in a variety of end markets, including transportation and construction. Reichhold said the proposed transaction is an integral part of the program to achieve closing of its previously announced combination with Polynt.
"This transaction is a unique opportunity to strengthen Ashland's position in the European composites market at a highly attractive price, and with very compelling terms and conditions," said Andy Johnston, group vice president, Composites. "The Etain facility is centrally located and, together with Ashland's existing UPR facilities in Spain and Finland, we will be well positioned to deliver enhanced service to our customers and support future growth opportunities across Europe."