MUTTENZ, Switzerland/COVINGTON, KY – Specialty chemicals company Clariant and Ashland Inc. have entered into a definitive agreement to sell their joint venture, ASK Chemicals headquartered in Hilden, Germany, to investment funds affiliated with Rhône, a London and New York-based private equity investment firm.

The transaction is expected to close during the third quarter 2014 and is subject to customary closing conditions, including regulatory approvals.

With 1,800 employees in 25 countries, ASK Chemicals is a leading foundry chemicals manufacturer. Its portfolio encompasses a broad range of foundry resources such as binders, coatings, feeders, filters and release agents, as well as metallurgical products including inoculants, inoculation wires and master alloys for iron casting.