COVINGTON, KY/WAYNE, NJ – Ashland Inc. has agreed to acquire privately owned International Specialty Products Inc. (ISP), a global specialty chemical manufacturer of functional ingredients and technologies. Under the terms of the stock purchase agreement, Ashland will pay approximately $3.2 billion for the business in an all-cash transaction. ISP’s advanced product portfolio will expand Ashland’s position in high-growth markets such as personal care, pharmaceutical and energy.