Ashland subsidiary Hercules has entered into a definitive agreement to divest its aviation and refrigerant lubricants business to Monument Chemicals.
The asset-purchase agreement also includes the company's manufacturing facility in Louisiana.
The transaction is expected to close in two months, subject to satisfactory conditions. Financial terms of the deal have not been disclosed.
Ashland is a producer of papermaking chemicals and supplier of speciality chemicals to the pulp, paper, food and beverage, chemical processing, mining and municipal industries.
