Ashland Inc.Monday sold road-building subsidiary Ashland Paving and Construction Inc. – its second major divestment in 14 months. Flush with cash, Ashland is now looking for businesses to buy, but officials indicated they are not targeting companies that would tack on to Valvoline. They added, however, that they have no plans to sell the motor oil marketer.
Ashland sold APAC for $1.3 billion to Oldcastle Materials Inc., a supplier of paving materials and services. Ashland had returned the subsidiary to profitability recently, but management said it decided to sell APAC because it expects budget constraints to limit the number of transportation projects in the near future and because it did not consider road-building a core activity.