INEOS, one of the world’s largest chemical company, completed the acquisition of the composites business of Ashland, an American chemical company which operates in more than 100 countries, for $1bn. “Ashland’s composite resins have been the materials of choice for the world’s boat builders for 30 years, and for good reason. They are light, strong and resistant to attack from chemicals and even fire. Unlike wood they don’t rot, unlike metal they don’t corrode and unlike concrete they don’t crack. We believe that they have great potential for growth under INEOS ownership and we are looking forward to working with a great team of people who are determined to meet the developing needs of our customers,” Ashley Reed, INEOS Enterprises CEO.