Speciality chemical firms Ashland and Clariant have completed the sale of ASK Chemicals, a foundry chemicals manufacturer, to investment funds affiliated with Rhône for €257m.
After adjusting for debt and assumed liabilities, Ashland and Clariant received €128m in cash and a €21m buyer note.
The proceeds will be equally divided among the companies under the terms of the 50/50 joint-venture (JV).
ASK Chemicals offers a range of foundry resources, such as binders, coatings, feeders, filters and release agents, as well as metallurgical products, including inoculants, inoculation wires and master alloys for iron casting.
In 2013, the company reported €513m in revenues.
"The sale of Ashland's equity interest in ASK Chemicals will allow us to focus on our core specialty chemicals business as we reposition the company for sustained sales and profit growth."
An agreement to the transaction was signed in April 2014.
Ashland chairman and CEO James J O'Brien said at the time: "The sale of Ashland's equity interest in ASK Chemicals will allow us to focus on our core specialty chemicals business as we reposition the company for sustained sales and profit growth.
"At the same time, the divestiture will give ASK Chemicals an opportunity for new investment as it works to build on its position as a leading foundry chemicals manufacturer."
Rhône said: "We are excited to be partnering with ASK Chemicals' management team and look forward to working with them to further develop the business in this new phase of ASK's expansion, leveraging on its leading technology platform, long-standing customer relationships, global manufacturing base and talented personnel."
Rhône is a global private equity firm with investments in various industries, including chemicals, consumer products, food, industrial, materials, mining and shipping.