Ashland buying International Specialty Products

LONDON (MarketWatch) -- Specialty-chemicals group Ashland Inc. ASH +6.96% said Tuesday that it will acquire closely-held International Specialty Products Inc. in a $3.2 billion all-cash deal. "ISP's advanced product portfolio will expand Ashland's position in high-growth markets such as personal care, pharmaceutical and energy," Ashland said in a statement. For the fiscal year ended March 31, International Specialty Products generated sales of $1.6 billion and earnings before interest, taxes, depreciation and amortization of $360 million. Ashland said the deal is expected to be immediately accretive to its earnings per share and is expected to close before the end of the September quarter.