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London’s INEOS Enterprises has acquired a composite business from Ashland Global Holdings Inc., along with a BDO facility in Germany. Ashland’s composites business will become INEOS Composites and be headquartered in Dublin.

The transaction was valued at $1.05 billion, according to Ashland, which is based in Covington, Kentucky. Net proceeds from the sale are approximately $930 million. Over $400 million of debt has been retired and an additional $500 million is expected to be retired by the end of the week.

The businesses included in the transaction have combined sales of more than $1.1 billion per year. They employ 1,250 employees across 19 sites in Europe, North and South America, Asia and the Middle East.

“The INEOS Composites business as it will be known, presents new opportunities for INEOS to enter the composites market, with excellent people and assets,” INEOS Enterprises CEO Ashley Reed said, in a statement.

The business will continue to provide a wide range of gelcoats and corrosion-resistant fiberglass reinforced plastic. The BDO facility, which produces key intermediates for high performance polyesters and polyurethanes, will be run by the INEOS Solvents business.

INEOS Enterprises comprises a portfolio of businesses manufacturing chemical products in Northern Europe, U.S. and Canada, with sales of €2 billion around the world. It employs 2,000 people and is part of the INEOS group, which is the 50th largest business in the world.