The UK’s largest privately owned firm Ineos has signed a $1.1bn (£850m) deal to buy the composite business of Ashland Global Holdings, which produces composite resins for use in boat building.
Ineos, which was founded by the UK’s richest man Jim Ratcliffe, has acquired Ashland’s 20 manufacturing sites in Europe, North and South America and the Middle East.
The company employs more than 1,300 people and generates sales of more than $1.1bn.
Chief executive of Ineos Enterprises Ashley Reed said: “Ashland’s composite resins have been the materials of choice for the world’s boat builders for 30 years, and for good reason… We believe that they have great potential for growth under Ineos ownership and we are looking forward to working with a great team of people who are determined to meet the developing needs of our customers.”
Ashland’s composites business makes unsaturated polyester resins, vinyl ester resins, gel coats and corrosion-resistant fibreglass reinforced plastic for use in boatbuilding.
The deal is expected to complete in the first half of 2019 subject to regulatory approval.
Valence is acting as financial adviser to Ineos, DLA Piper is providing legal advice and PwC is providing finance and accounting support.