Ashland Water Technologies has been acquired by a Clayton, Dubilier & Rice-managed fund and rebranded as Solenis.
Prior to the acquisition, Ashland Water Technologies was a commercial business unit of Ashland.
The sale closed 31 July 2014 and included the Industrial Water and the Pulp and Paper business units.
The stand-alone company continues a 94-year reputation as a manufacturer of specialty chemicals for the pulp, paper, oil and gas, chemical processing, mining, biorefining, power and municipal markets.
Its product portfolio includes a broad array of process, functional and water treatment chemistries, as well as state-of-the-art monitoring and control systems.
John Panichella, president and chief executive officer of Solenis, said: “As a stand-alone company, Solenis is better positioned to pursue new opportunities and develop new products that will deliver better value to our customers and result in steady growth and improved margins.”
According to Panichella, the company does not anticipate any changes to products, quality or services as a result of the transaction.
Headquartered in Wilmington, Delaware, the company operates 30 manufacturing facilities strategically located around the globe and employs a team of 3,500 professionals in 118 countries across five continents.
Its product portfolio includes a broad array of process, functional and water treatment chemistries as well as state-of-the-art monitoring and control systems.
Founded in 1978, Clayton, Dubilier & Rice is a private equity firm that manages $21 billion on behalf of its investors.
Since inception it has acquired 61 businesses with an aggregate transaction value of more than $90 billion.