Ashland Global to sell composites business for $1.1b

Chemicals maker Ineos Enterprises  has said it will buy Ashland Global Holdings Inc’s (ASH.N) composites unit for $1.1 billion, chiefly for its resin business.

Ashland said the divestiture was a part of its plans to focus on specialty chemicals.

Ineos said the deal was expected to be completed in the first half of next year.

British specialty chemicals maker Croda International Plc (CRDA.L) held unsuccessful talks with Ashland about a possible merger, Reuters had reported in February.