Ashland Composite Polymers has agreed to divest its Scandinavian affiliates’ distribution business to GRP Materials Supplies Limited (GRPMS), part of UMECO plc.
The sale – which includes property, inventory and other fixed assets related to the distribution businesses in Sweden, Denmark and Norway – is a cash transaction that is expected to close around July 1, 2005. A number of employees associated with the distribution business will then transfer to GRPMS.
As part of the agreement, Ashland will continue to supply its products to major accounts in these countries on a direct basis, while GRPMS becomes sole distributor for Ashland Composite Polymers products, including the DERAKANE line recently acquired from The Dow Chemical Company, to small and medium-size customers.
“”GRPMS has a long-standing relationship with Ashland in the U.K. and Ireland,”” said Stefan Osterwind, Ashland Composite Polymers business manager, Europe. “”They also already represent several major suppliers of complementary products like glass fibre and peroxides in Scandinavia, and we know that they will continue to maintain a high level of service to our customers.””
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