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Ashland Inc. to Sell APAC to Oldcastle Materials, Inc., for $1.30 Billion.

Publication: PR Newswire
Publication Date: 21-AUG-06 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
COVINGTON, Ky., Aug. 21 /PRNewswire-FirstCall/ -- Ashland Inc. today announced that it has signed a definitive agreement to sell the stock of its wholly owned subsidiary, Ashland Paving And Construction, Inc. ("APAC"), to Oldcastle Materials, Inc., for $1.30 billion, the final price to be adjusted for changes in working capital and certain other accounts from Sept. 30, 2005, until closing. After-tax proceeds, pre-adjustment, are estimated to total $1.25 billion. The transaction, which has received antitrust clearance, is expected to close by the end of the month, subject to the satisfaction of customary closing conditions.

(Logo: http://www.newscom.com/cgi-bin/prnh/20040113/ASHLANDLOGO)

At the company's September board meeting, Ashland management intends to recommend...

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