Ashland Global Holdings has completed the previously announced sale of its composites business (amended to exclude the maleic business) and its butanediol (BDO) manufacturing facility in Marl, Germany, to Ineos for just over at $1 billion.

The holding for the US chemical group said net proceeds from the sale totaled around $930 million. At the same time, it has retired or expects to retire more than $900 million in debt.

Selling the businesses “allows Ashland to focus on its vision of becoming the premier specialty chemicals company," said chairman and CEO Bill Wulfsohn. He said the transaction, combined with the company’s cost reduction program, “will help better position Ashland to deliver sustained earnings growth and significant value for shareholders”.

Ashland’s maleic assets comprise one facility in West Virginia, which generates annual revenue of about $75 million. The company said it will retain its ownership initially, but – in exchange for the unchanged price of the original deal – would sell the maleic assets following the deal’s closing. All proceeds, less reasonable costs incurred by Ashland, will go to Ineos.

Ashland is retaining its BDO plant in Lima, Ohio, USA.