Ashland Inc. to transfer a portion of its North American middle market commercial assets within its Water Technologies business to Rochester Midland Corporation
(Thomson Reuters ONE) -
FOR IMMEDIATE RELEASE
April 20, 2012
Ashland Inc. to transfer a portion of its North American middle market
commercial assets within its Water Technologies business to Rochester Midland
Corporation
COVINGTON, Ky. - Ashland Inc. (NYSE: ASH) today announced that its subsidiary,
Hercules Incorporated, conducting business as Ashland Water Technologies, has
entered into a definitive agreement to transfer a portion of its middle market
commercial business assets to Rochester Midland Corporation (RMC). The business
to be transferred includes roughly 5,000 customer locations, with total
annualized revenues of approximately $15 million. Financial terms of the
transaction were not disclosed.
Under the agreement, RMC will have the right to make and sell Ashland water
treatment products into the North American commercial market. Going forward,
Ashland and RMC will be working together to provide high-quality, innovative
products and services to this segment.
"The transfer of this portion of our North America commercial business to
Rochester Midland is consistent with our decision to focus more on heavy
industrial markets, while maintaining our long-standing commitments to our
commercial customers," said Paul Raymond, president, Water Technologies. "We
believe Rochester Midland is well positioned to serve these customers and grow
this business to realize a greater return for both companies, and we look
forward to working with them."
"We look forward to a long-term relationship with Ashland Water Technologies in
multiple areas of mutual interest in our markets and geographies," added Harlan
Calkins, Rochester Midland chief executive officer.
The transaction is expected to close by early May, subject to fulfillment of
certain conditions. The parties have agreed to work together to ensure a
seamless transition with no disruption in customer service.
Approximately 70 employees who currently work in the business are being
transferred. RMC has committed to offering jobs to all of these employees.
About Rochester Midland
Founded in 1888, Rochester Midland is a leading manufacturer of specialty
chemicals for food sanitation, industrial cleaning and water treatment as well
as housekeeping and restroom care programs. Rochester Midland is the leader in
Green Housekeeping and their programs utilize third party certified, bio-based
cleaning products, along with education and training programs for workers and
building occupants. Rochester Midland is committed to developing sustainable
solutions for health, productivity and the environment.
About Ashland Water Technologies
Ashland Water Technologies is a leading global producer of papermaking chemicals
and a leading specialty chemicals supplier to the pulp, paper, commercial and
institutional, food and beverage, chemical processing, mining and municipal
markets. Its process, utility and functional chemistries are used to improve
operational efficiencies, enhance product quality, protect plant assets and help
ensure environmental compliance.
About Ashland Inc.
In more than 100 countries, the people of Ashland Inc. (NYSE: ASH) provide the
specialty chemicals, technologies and insights to help customers create new and
improved products for today and sustainable solutions for tomorrow. Our
chemistry is at work every day in a wide variety of markets and applications,
including architectural coatings, automotive, construction, energy, food and
beverage, personal care, pharmaceutical, tissue and towel, and water treatment.
Visit ashland.com to see the innovations we offer through our four commercial
units - Ashland Specialty Ingredients, Ashland Water Technologies, Ashland
Performance Materials and Ashland Consumer Markets.
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C-ASH
FOR FURTHER INFORMATION:
Media Relations
Gary Rhodes
+1 (859) 815-3047
glrhodes(at)ashland.com
Investor Relations
David Neuberger
+1 (859) 815-4454
daneuberger(at)ashland.com
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Ashland Inc. via Thomson Reuters ONE
[HUG#1604278]
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Datum: 20.04.2012 - 09:00 Uhr
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