Ashland Composite Polymers will divest Estonian affiliate distribution business

26-Jun-2007

Ashland Composite Polymers, a business group of Ashland Performance Materials, a division of Ashland Inc., has agreed to divest its composites distribution business related to customers based in Estonia to a subsidiary of GRPMS Limited (GRPMS), part of Umeco plc. The sale, which includes property, inventory and other fixed assets related to the distribution businesses in Estonia, is a cash transaction that is expected to close around August 31. The final purchase price will be subject to a standard inventory value adjustment. All employees associated with the distribution business will then transfer to GRPMS.

As part of the agreement, GRPMS becomes sole distributor for Ashland Composite Polymers resin and gelcoat products. This expands the relationship between Ashland and GRPMS, which currently includes similar distribution agreements established in July 1998 for Great Britain and in July 2005 for Norway, Sweden and Denmark.

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