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ASH > SEC Filings for ASH > Form 8-K on 1-Jul-2014All Recent SEC Filings

Show all filings for ASHLAND INC.

Form 8-K for ASHLAND INC.


Other Events, Financial Statements and Exhibits

Item 8.01. Other Events

On June 30, 2014, Ashland Inc. ("Ashland") and Clariant Corp. ("Clariant") completed the previously announced sale of their joint venture, ASK Chemicals GmbH ("ASK Chemicals") headquartered in Hilden, Germany, to investment funds affiliated with Rhône Capital, LLC, a London and New York-based private equity investment firm (the "Sale"), pursuant to the terms of the Sale and Purchase Agreement, dated April 8, 2014, as amended from time to time (the "Purchase Agreement"). ASK Chemicals is a leading foundry chemicals manufacturer. Its portfolio encompasses a range of foundry resources such as binders, coatings, feeders, filters and release agents, as well as metallurgical products including inoculants, inoculation wires and master alloys for iron casting. The enterprise value of the transaction, before debt and assumed liabilities, amounts to €257 million. After adjusting for debt and assumed liabilities, total pre-tax proceeds to the sellers were €149 million, which includes €128 million in cash and a €21 million buyer note. Proceeds will be split evenly between Ashland and Clariant under terms of the 50/50 joint venture.

The closing of the Sale is discussed further in the news release attached hereto as Exhibit 99.1 and incorporated by reference herein. The description of the Purchase Agreement is contained in, and a copy of the same is filed as an exhibit to, the Current Report on Form 8-K filed by Ashland on April 14, 2014 and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

Exhibit Description
99.1 News Release dated July 1, 2014.


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