U.S. chemicals maker Ashland Inc said it will purchase privately held International Specialty Products for about $3.2 billion in cash to expand in high-growth markets such as personal care, pharmaceutical and energy. Ashland makes a wide range of specialty chemicals, including Valvoline oil, as well as materials for the packaging and water purification industries. International Specialty (ISP) will add water soluble polymers as well as complementary additives for Ashland's food and beverage, energy, coatings, adhesives and water treatment markets. The transaction, which is expected to close prior to the end of the September quarter, should immediately add to Ashland's earnings per share. "It (the deal) 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," Ashland Chief Executive James O'Brien said in a statement.
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