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08-24-2011

Ashland: ISP Acquisition Completed

Ashland Inc., a global leader in specialty chemical solutions for consumer and industrial markets, completed its acquisition of privately owned International Specialty Products Inc. (ISP), a global specialty chemical manufacturer of innovative functional ingredients and technologies. The purchase was an all-cash transaction for USD 3.2 billion, subject to post-closing adjustments for changes in net working capital and certain other items.

ISP will be integrated into the Ashland Aqualon Functional Ingredients commercial unit, more than doubling the size of Ashland’s highest-margin business. Effective immediately, the combined unit will be called Ashland Specialty Ingredients. Going forward, Ashland Specialty Ingredients is expected to contribute roughly half of Ashland’s EBITDA. In addition, approximately half of Ashland’s overall revenues will now be derived outside of North America.

An integration team with key representatives of both companies is being led by John Panichella, president of the new Ashland Specialty Ingredients business. Ashland anticipates approximately USD 50 million in annual run-rate savings by the end of the second year through eliminating redundancies and capturing operational efficiencies.

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