29 Mar 2024
Friday 3 May 2013 - 13:20
Story Code : 26817

Ashland says joint venture sold products to Iran

Ashland says joint venture sold products to Iran
Ashland Inc. (ASH), the biggest producer of specialty papermaking chemicals, said a 50-50 joint venture with SwitzerlandsClariant AG (CLN)sold products to Iran without the approval of the U.S. government.


Units of the ASK Chemicals GmbH venture sold granulate, coatings and hot top products from Oct. 1 through March 1 to entities that may be owned or controlled by the Iranian government, Covington, Kentucky-based Ashland said today in its 10-Q filing. The products generated 715,000 euros ($934,000) of sales and 75,000 euros of profit, Ashland said.

The products are used in metal casting, saidGary Rhodes, an Ashland spokesman.

ASKs supervisory board unanimously voted in March to end transactions with Iran and ASK is terminating all business in the country, Ashland said in the filing.

No one at Clariant in Switzerland answered phone calls outside of normal business hours.

The Iran Threat Reduction and Syria Human Rights Act of 2012 requires publicly traded companies to disclose transactions with Irans government that arent authorized by the U.S.

By Bloomberg

 

The Iran Project is not responsible for the content of quoted articles.

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