Tuesday, specialty chemicals company Ashland, Inc. (ASH) said its subsidiary has signed a definitive agreement to sell Hercules Specialty Resins to a new company formed by Canadian private equity fund manager TorQuest Partners for approximately $75 million before tax
Ashland's subsidiary Hercules Incorporated will sell its refined wood rosin and natural wood terpenes business, Hercules Specialty Resins, formerly known as Pinova, for $60 million in cash and a $15 million note from the buyer. The transaction includes transfer of the business and about 200 employees supporting it, along with an associated manufacturing facility in Brunswick, Georgia.
Ashland indicated Hercules Specialty Resins as the world's only supplier of wood rosin, with revenues of approximately $85 million in fiscal year 2009. Its products are used in a variety of applications in the adhesives, construction, beverage, personal care and agriculture markets.
Once the transaction closes, the independent company will operate under the old name Pinova.
Ashland Chairman and CEO James O'Brien said, "This divestiture continues our ongoing process to focus our assets and energies in our core specialty chemicals product areas by reducing our investment in lines of business that are non-core or non-strategic to us."
Matthew Chapman, partner, TorQuest Partners said, "Pinova is a strong and profitable business with significant growth potential. TorQuest intends to use a minimal amount of debt to finance the transaction, which will allow it to reinvest profits from existing operations to support the long-term growth of the business."
The transaction is expected to close within 60 days, subject to customary closing conditions. Hercules and TorQuest Partners assured that they would work together to ensure a seamless transition with no disruption in customer service or supply.
ASH is currently trading at $40.12, up $0.19 or 0.48%, on the NYSE.
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