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Tuesday, February 18, 2014

Chemical maker Ashland to sell water unit for $1.8 bln, (NYSE: ASH)

U.S. chemical manufacturer Ashland Inc said it would sell its water technologies unit to a fund managed by Clayton, Dubilier & Rice for about $1.8 billion. The proceeds will be used to fund a $1.35 billion stock repurchase it also announced on Tuesday.

Ashland Inc. (Ashland) is a global specialty chemical company that provides products, services and solutions throughout a variety of industries. Shares of ASH traded higher by 1.49% or $1.43/share to $97.61. In the past year, the shares have traded as low as $72.11 and as high as $100.87. On average, 641087 shares of ASH exchange hands on a given day and today's volume is recorded at 43413.