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Ashland Inc. acquires full ownership of Hodogaya Ashland Co., Ltd.

Ashland Inc : 24 July, 2007  (Company News)
Ashland Inc. completed a transaction whereby it acquired full ownership of the joint venture Hodogaya Ashland Co., Ltd. The purchase price of the stock transaction was not disclosed.
For more than 20 years, Ashland and Hodogaya Chemical Company, Ltd., have operated HAC in Japan as a marketing and sales joint venture serving the metal castings industry, with each partner owning a 50-percent interest.

Japan is the world’s second largest economy and a key global investor in the automotive industry and its suppliers, as well as other heavy industries. “For example, there are more than 100 foundries around the globe either partly or wholly owned by Japanese firms,” said Mike Swartzlander, general manager, Ashland Casting Solutions, and vice president, Ashland Performance Materials, a division of Ashland Inc.

“With continued globalization of the metal castings industry, this agreement supports our capabilities to consistently serve our customers wherever they may be in the world,” said Swartzlander.

“Ashland and Hodogaya have had an excellent partnership for many years, but both companies believe this change will provide the best future support for metal casting customers,” said Takashi Okamoto, president and CEO, Hodogaya Chemical Company.

As a result of the transaction, HAC employees are transferring to Ashland and will be headquartered in Ashland’s new offices in Yokohama. “We want to welcome these dedicated employees who have helped to build customer relationships and achieve success in the region,” Swartzlander said.

”We are very excited about the prospects of continuing our growth as we bring an increasing portfolio of products and services to our customers,” said Shigeo Negoro, president of HAC, who will continue to lead the Ashland Casting Solutions business in Japan.

Ashland Casting Solutions, a business group of Ashland Performance Materials, a division of Ashland Inc., is a leader in supplying products, processes, services and technologies to the global metal casting marketplace.

Ashland Performance Materials, a division of Ashland Inc., is a worldwide manufacturer and supplier of specialty chemicals and customized services to the building and construction, packaging and converting, transportation, marine and metal casting industries. It is a technology leader in metal casting consumables and design services; unsaturated polyester and vinyl ester resins and gelcoats; and high-performance adhesives and specialty resins.
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