Ashland Inc. has acquired specialty chemical manufacturer International Specialty Products Inc. for $3.2 billion.
New Jersey-based ISP is a leading global supplier of specialty chemicals and performance-enhancing products for a wide variety of consumer and industrial markets including personal care, pharmaceuticals, beverage, home care, coatings and adhesives, energy, agriculture, plastics, tires and others. Through its network of manufacturing sites, ISP produces more than 500 specialty chemicals and has more than 275 scientists worldwide at research centers located in New Jersey, France, the United Kingdom, India and China. Last year, the company generated sales of approximately $1.6 billion.
Ashland Chairman and CEO James J. O’Brien said the transaction will enable the company to significantly expand its market position in “higher margin, higher growth and less cyclical global markets like personal care and pharmaceuticals.” O’Brien said the acquisition also broadens Ashland’s presence within attractive growth areas like skin, hair and oral care, which are large and fast-growing segments of the $5 billion-plus personal care specialty ingredients market.