Air Products sell part of emulsion polymer business to Ashland

Air Products Inc announced it intends to sell its non-pressure emulsions businesses and related production facilities in Elkton, MD, and Piedmont, SC, to Ashland Inc. for $92 million.

The Piedmont facility manufactures Flexcryl pressure sensitive adhesives. The Elkton plant produces atmospheric emulsions that are used in paint, adhesives, and paper coatings.

In January 2008, Air Products sold its interest in Air Products Polymers to Wacker Chemie AG, its partner in the venture. As part of the sale, Air Products acquired full ownership of the Elkton and Piedmont facilities.

Air Products and Ashland expect the sale to be completed by the end of June 2008.