COVINGTON, Kentucky (
) -- Chemical company
said Tuesday it will acquire privately owned
International Specialty Products
for about $3.2 billion in cash.
"ISP's advanced product portfolio will expand Ashland's position in high-growth markets such as personal care, pharmaceutical and energy," Ashland said in a statement.
ISP's sales for the year ended March 31 were $1.6 billion.
Ashland said the acquisition is expected to close before the end of the September quarter. The deal should immediately add to Ashland's per-share earnings, the company said.
-- Written by Joseph Woelfel
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