Chemical maker Ashland buys ISP
SPECIALTY chemicals maker Ashland has struck a deal to buy privately held International Specialty Products for $3.2bn (£1.9bn) as part of a plan to bolster its strong roster of products for the skin care, drug and energy sectors.
Ashland, along with larger rivals Dow Chemical and BASF, has long focused on the specialty chemical sector, which offers high margins and tends to be resilient during recessions. Ashland also makes chemicals and materials for the packaging and water purification industries.
In buying New Jersey-based ISP, Ashland is betting that consumer demand for pharmaceuticals, skin creams, hair gels and cosmetics will only continue to grow.
The deal is a windfall for the family of Samuel Heyman, a hedge fund manager who spun off International Special Products from roofing manufacturer GAF Materials in the 1990s.