Clariant, Ashland sell JV to private equity firm Rhone

Specialty chemical makers Clariant and Ashland Inc. are selling their Germany-based joint venture ASK Chemicals to private equity firm Rhone.

Total pretax proceeds from the sale will be 180 million Swiss francs ($203.6 million), after adjusting for debt and assumed liabilities, Swiss-based Clariant said.

The sum includes 155 million Swiss francs in cash and a 25 million franc buyer note, it added.

The proceeds will be split evenly between Clariant and U.S.-based Ashland, and the transaction is expected to close during the third quarter of 2014, pending regulatory approval, Clariant said.

With 1,800 employees in 25 countries ASK Chemicals is described by Clariant as a leading foundry chemicals manufacturer. Its portfolio encompasses binders, coatings, feeders, filters, and release agents.