International. Troy Corp. has signed a definitive agreement to acquire Ashland Inc.'s industrial biocides business.
The transaction is expected to close within 60 days, depends on standard closing conditions and the completion of the employee information and consultation processes. Financial terms were not disclosed.
Ashland Specialty Ingredients' industrial biocides business was formerly owned and operated by ISP Inc. and includes the Fungitrol brand of dry film preservatives and Nuosept, which are supplied to the paint and coating industry and related markets. The company's Consumer Specialties business unit, which includes preservatives for the personal care market, is not part of the Troy deal.
"Troy prides itself on innovation and premium service to its customers," said Brian W. Smith, Vice President of Troy Corp. "With the addition of Ashland's industrial biocides business, Troy's most important portfolio of preservatives will be bolstered, delivering more value, performance and sustainability of the markets served."
