Troy Corporation has signed a definitive
agreement to acquire the industrial biocides business from Ashland Inc. The transaction is expected to close within 60 days,
contingent on standard closing conditions
and completion of required 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 brands which
are supplied to the paint and coatings
industry, as well as allied markets. The
company’s Consumer Specialties business
unit, which includes preservatives for the
personal care market, is not part of the
agreement with Troy.
“Troy prides itself on innovation
and premium service to its customers,” said W. Brian Smith, vice president,
Troy Corporation. “With the addition of
Ashland’s industrial biocides business,
Troy’s premier portfolio of preservatives
will be enhanced, delivering even more
value, performance, and sustainability to
the marketplaces served.”
EIB and EBRD to Provide
Financing for Grupa Azoty’s
Expansion
The European Investment Bank (EIB) and
the European Bank for Reconstruction
and Development (EBRD) are teaming
up to support further expansion of Grupa
Azoty, Poland’s leading chemical and fertilizer company. The agreements, signed
in London, provide the Polish company
with a PLN 700m (€170m) long-term financing facility.
The facility consists of two separate
10-year loans: a PLN 550m (€134m)
loan from the EIB and a PLN 150m
€37m) loan from the EBRD. It is a
part of a larger PLN 2.2bn (€504m)
long-term package designed to finance
Grupa Azoty’s growth in line with
the company’s 2020 strategy, which
includes plans for further expansion
to new markets in the region and
overseas. The remaining PLN 1.5bn
(€370m) will be provided under a
separate loan signed earlier this month
with a consortium of Polish banks.
Paweł Jarczewski, CEO of Grupa
Azoty, commented, ”Through the
strong partnership with EBRD and the
EIB, we will be able to tap into the full
potential of the Polish chemical indus-
try. Using Poland’s unique success story
and geographical location in the heart
of Europe, we aim to become a key
European player by 2020. Our 2020
Strategy, accepted by the Board last
year, envisages a number of world-class
investments and an ambitious plan of
regional expansion, and I am delighted
that the EBRD and the EIB share our
vision for the future, for the benefit of
Poland and the region.”
EIB President Werner Hoyer com-
mented, “The EU bank is a strong inves-
tor in the Polish economy, and remains
a committed partner for Polish compa-
nies which develop viable projects and
strategies. Our priority is to enhance
Poland’s competitiveness by supporting
innovative and internationalizing com-
panies such as Grupa Azoty. The Group’s
strategy goes in the direction of making
Europe’s chemical industry more glob-
ally competitive and energy efficient, and
it is a pleasure for the EIB to be able to
support this development.”
EBRD President Sir Suma Chakrabarti
said, “We are happy to provide this loan
to Grupa Azoty as it will bolster the suc-
cessful expansion of this vibrant Polish
company, which is growing into an impor-
tant player on the international market.
We are very pleased with the operational
and financial results of the company and
in full agreement with its strategy which
will further strengthen its development.
The EBRD remains a committed partner
of Grupa Azoty and is ready to consider
further support to the company.”
BASF ‘Creates Chemistry’
with Stakeholders to Tackle
Challenges of Urban Living
in New York City
BASF hosted a week-long program in
New York City to address one of the
world’s pressing future challenges: urban development to meet our growing
population. Thought leaders, scientists,
students and citizens participated in a
series of events to identify sustainable solutions. Red Hook, Brooklyn, is serving
as the case study on how public-private
partnerships can help resolve the evolving
needs of global cities.
“BASF is celebrating its 150th anni-
versary this year,” said Wayne T. Smith,
chairman and CEO, BASF Corporation
and member of the Board of Executive
Directors, BASF SE. “Our history shows
that chemistry is an enabler for new ideas
and solutions. As we celebrate this mile-
stone, we are connecting people and ideas
to make meaningful contributions to so-
ciety in accordance with our corporate
purpose: ‘We create chemistry for a sus-
tainable future.’”
An opening event on May 26 featured
a keynote address by Amanda Burden,
urban planning expert and former New
York City Planning Commissioner (2002-
2013). “Cities are fundamentally about
people, and where people go and where
people meet are at the core of what makes
a city work,” said Burden. “So even more
important than buildings in a city are
the public spaces in between them. And
today, some of the most transformative
changes in cities are happening in these
public spaces.”
It is projected that by the year 2050,
nine billion people will inhabit the Earth
– compared with seven billion today –
and more than 70 percent of them will be
dwelling in cities. The New York Creator
Space tour is focusing on how city neigh-
borhoods of the future can accommodate
more people, use fewer resources and yet
deliver a better quality of life.
Troy Acquires Industrial
Biocides Business from Ashland
