Issue Date: December 21, 2009
Ashland Sells Rosins And Terpenes
Specialty chemical firm Ashland will sell Hercules Specialty Resins, a refined wood rosin and natural wood terpenes business, to Canadian private equity firm TorQuest Partners for $75 million. Ashland expects the specialty resins business to book revenues this year of about $85 million. The transfer will include 200 employees and a manufacturing facility in Brunswick, Ga., part of Ashland’s acquisition of specialty chemical maker Hercules in 2008 for $3.3 billion. The new company will go back to using its former name, Pinova.
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