Ashland Inc. to acquire Northwest Coatings

01-Nov-2006

Ashland Inc. announced that it signed a definitive agreement on Friday, Oct. 27, to purchase the assets of Northwest coatings of Oak Creek, Wis., a formulator and manufacturer of adhesives and coatings employing ultraviolet and electron beam (UV/EB) polymerization technologies. Northwest Coatings is a holding of Caltius Equity Partners. The transaction, which includes production facilities in Milwaukee, Wis., and Greensboro, N.C., is valued at approximately $72 million. Trailing 12-month sales of Northwest Coatings are nearly $40 million.

Closing of the acquisition, which is anticipated to take place before the end of 2006, is dependent upon a number of standard closing conditions, including regulatory review.

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