Rhône To Acquire Foundry Chemicals Company

Specialty chemical firms Clariant and Ashland have agreed to sell their joint venture ASK Chemicals, a German producer of chemicals for the metal foundry industry, to the private equity firm Rhône Group. Rhône is paying $352 million for the business. After adjusting for debt and assumed liabilities, the partners will receive a total of $204 million. The deal is expected to close in October. ASK generated sales last year of $707 million.