12:37 PM | July 29, 2013
Ashland announced last week that it intends to sell its elastomers business and is “exploring options,” including a possible sale, for its water technologies business. The elastomers business, part of Ashland’s performance materials segment, recorded $330 million in sales for the year ended 30 June, the company says. The business mostly sells to the tire replacement market in North America and operates a facility at Port Neches, TX, with 250 employees. The water business, which posted 2012 sales of $1.7 billion and is one of Ashland’s four reporting segments, has been challenged for some time, although results have improved in recent months. “While water technologies’ performance has improved this year, we believe that evaluating strategic options, including a possible sale, will help us determine the best path forward for this business,” says Ashland chairman and CEO James O’Brien.