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ASHLAND COMPOSITE POLYMERS PLANS TO DIVEST SCANDINAVIAN DISTRIBUTION BUSINESS
The sale - which includes property, inventory and other fixed assets related to the distribution businesses in Sweden, Denmark and Norway - is a cash transaction that is expected to close around July 1, 2005. A number of employees associated with the distribution business will then transfer to GRPMS. As part of the agreement, Ashland will continue to supply its products to major accounts in these countries on a direct basis, while GRPMS becomes sole distributor for Ashland Composite Polymers products, including the DERAKANEŽ line recently acquired from The Dow Chemical Company, to small and medium-size customers. "GRPMS has a long-standing relationship with Ashland in the U.K. and Ireland," said Stefan Osterwind, Ashland Composite Polymers business manager, Europe. "They also already represent several major suppliers of complementary products like glass fiber and peroxides in Scandinavia, and we know that they will continue to maintain a high level of service to our customers."
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