Drew Industrial Division of Ashland Specialty Chemical Company purchases industrial water-treatment business of London-based Fernox
06-11-2001: The Drew Industrial Division of Ashland Specialty Chemical Company, a division of Ashland Inc. (NYSE:ASH), recently purchased -- through its affiliate, Ashland UK Ltd. -- the industrial water-treatment business of London-based Fernox, a business unit of Alpha Fry Ltd. Terms of the agreement, effective Sept. 7, were not disclosed. The newly acquired business, whose activities are located in the United Kingdom, will operate within Ashland’s Drew Industrial Division (DID), whose main office is located in Boonton, N.J. “This acquisition is part of our continuing plan to grow our worldwide business,” said Leonard R. Gelosa, vice president and general manager of Ashland’s Drew Industrial Division. “Acquiring Fernox Industrial strengthens our position in the United Kingdom and specifically in the water-treatment middle market.” Fernox Industrial provided materials and services to industrial and commercial customers in the United Kingdom for servicing steam-raising, hot-water and water-cooling systems. It was a business unit of Fernox, which manufactures and distributes chemical products. Fernox is a business unit of Alpha Fry Ltd., which is owned by Cookson Group PLC, a UK-based industrial materials group. “The disposal of the industrial business will enable Fernox to focus on core domestic product lines and customers,” said Ernie McDonald, director at Fernox.
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The enterprise value of ... more
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