Covington, KY-based Ashland Inc. last Friday announced that it has signed a definitive agreement to sell the industrial biocides assets within Ashland Specialty Ingredients to Troy Corporation, a global leader in microbial control products and performance additives. The transaction is expected to close within 60 days, contingent on standard closing conditions and completion of required employee information and consultation processes. Financial terms were not disclosed.

Both Ashland and Troy confirmed to OEM/Lube News that this industrial biocides business includes biocides for metalworking fluids, including biocides such as the Cinon brand.

Industrial biocides - which help control and prevent the growth of bacteria, mold and other microorganisms in a wide range of coatings, construction materials and energy products - accounted for approximately two percent of Specialty Ingredients' sales for the 12 months ended March 31, 2015.

Specialty Ingredients' lineup of preservatives products, which is focused on consumer markets, is excluded from the agreement with Troy. Ashland is committed to retaining and growing that strategic business.

"This divestiture reflects our continued focus on driving growth within the higher-margin core businesses where we offer greater value to our customers," said Luis Fernandez-Moreno, Ashland senior vice president and president of Ashland's Chemicals Group. "As a smaller player within the industrial biocides market, Ashland has lacked the critical mass needed to be successful. Troy is better positioned to capitalize on growth opportunities within this segment and we are committed to working with them to ensure a seamless transition for our industrial biocides employees and customers."

"Troy prides itself on innovation and premium service to its customers," said W. Brian Smith, Vice President, Troy Corporation. "With the addition of Ashland's industrial biocides business, Troy's premier portfolio of preservatives will be enhanced, delivering even more value, performance, and sustainability to the marketplaces served."

Founded in 1950, Troy is headquartered in Florham Park, New Jersey, with sales offices throughout the United States, Canada, Europe, Asia, and Latin America. Troy materials are used and available in over 100 countries worldwide.