Ashland To Acquire International Specialty Products For $3.2B

Ashland Inc ASH announced its plans to buy specialty chemical maker International Specialty Products Inc for around $3.2 billion in cash. The deal is expected to close before the end of the fourth quarter and is likely to be immediately accretive to Ashland's earnings per share. Ashland Chairman and Chief Executive Officer James J. O'Brien said, "This defining transaction enables us to significantly expand our market positions in higher margin, higher growth and less cyclical global markets like personal care and pharmaceuticals. It broadens Ashland's presence within attractive growth areas like skin, hair and oral care, which are large and fast-growing segments of the $5-billion-plus personal care specialty ingredients market. In addition, we expect to more than double the size of our highest-margin functional ingredients business." ASH shares gained 0.89% to close at $61.22 on Friday. Read more from Benzinga's Company news.