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Ashland Acquires the Assets of Nanjing Clear Environment Protection Co.
Posted: March 10, 2006
Ashland Inc. announced it has acquired the assets of Nanjing Clear Environment Protection Co. Ltd. to further invest in the water treatment business in the rapidly expanding Chinese market. Ashland has formed a new company, Ashland (Nanjing) Chemical Co. Ltd., which will integrate Nanjing Clear with Ashland's existing water technologies business in China.
"The opportunity for us to gain a locally-based business with such a well- regarded reputation as Nanjing Clear fits well with Ashland's strategy," said James J. O'Brien, chairman and chief executive officer, Ashland Inc. Len Gelosa, senior vice president, water technologies, Ashland Specialty Chemical, added, "China's economy continues to experience dramatic growth and, as such, their needs for industrial water treatment also grow. The new entity will leverage our combined knowledge, skills and abilities to offer a global product source to supply China's industrial sector."
The company will manufacture products for water, wastewater and environmental protection, and also manufacture feed, control and monitoring equipment in Nanjing.