Ashland Inc. Announces Divestiture of FiberVisions Interest to Snow Phipps Group, LLC
Ashland Inc. logo. (PRNewsFoto) (Newscom TagID: prnphotos051745)
COLUMBUS, OH UNITED STATES
COVINGTON, Ky., Dec. 18 /PRNewswire-FirstCall/ -- Ashland Inc. (NYSE: ASH)
today announced the closing of a transaction whereby its subsidiary, WSP,
Inc., sold its 33.5 percent ownership interest in FiberVisions Holdings, LLC
to its partner in the venture, Snow Phipps Group, LLC, a New York-based
private equity firm. Ashland received $7 million as the purchase price and
also will recognize a significant capital loss for tax purposes that could be
used to offset future capital gains of the company.
FiberVisions is a leading global producer of specialty fibers for nonwoven
fabrics and textile fibers used in consumer and industrial products. In 2006,
SPG obtained a controlling interest in FiberVisions through a transaction with
WSP, then a subsidiary of Hercules Incorporated. At that time, WSP retained a
minority investor position in the joint venture, which transferred to Ashland
last month when Hercules was acquired by Ashland.
Ashland Inc. provides specialty chemical products, services and solutions
for many of the world's most essential needs and industries. Serving customers
in more than 100 countries, it operates through five commercial units: Ashland
Hercules Water Technologies, Ashland Performance Materials, Ashland Aqualon
Functional Ingredients, Ashland Consumer Markets (Valvoline) and Ashland
Distribution. To learn more about Ashland, visit www.ashland.com.
