WSP Inc., a subsidiary of Covington, Ky.-based Ashland Inc., has sold its one-third share of FiberVisions Holdings LLC, a manufacturer of polypropylene staple fibers used in a variety of consumer and industrial products. New York City-based private equity firm Snow Phipps Group (SPG) LLC, Ashland’s partner in the FiberVisions venture, purchased the shares for $7 million. Ashland also will recognize a significant capital loss for tax purposes, which may be used to offset future capital gains of the company.
 
SPG had taken a controlling interest in FiberVisions Holdings back in 2006 through a transaction with WSP. Ashland acquired the remaining minority investor position when it purchased Hercules in November 2008.

January 6, 2009