Friday, November 5, 2004
Ashland unit buys resin business
Ashland Inc.'s Specialty Chemical unit has agreed to pay $92 million to acquire a thermoset resin business of Dow Chemical Co. The acquisition of Derakane epoxy vinyl resin will expand the technical capabilities of Ashland's Composite Polymers unit, the company said. Derakane resin sales are about $70 million annually. The purchase, expected to close by early next year, includes no plants or equipment, just the technology to produce Derakane, which is used to improve corrosion resistance and the structural strength of plastics.
Bankrupt Rhodes closing stores
Rhodes Inc. Thursday said that it was closing 26 stores - including those in Eastgate, Springdale and Florence - and that it had filed for bankruptcy. A news releases from the Atlanta-based retailer did not give a timetable for closing the local stores.