Ashland Inc. has announced it has completed the sale of its elastomers business, based in Port Neches, TX, USA to Lion Copolymer Holdings, LLC. Financial terms were not disclosed.

The elastomers business, which primarily serves the North American replacement tire market, accounted for approximately 18 percent of Ashland Performance Materials’ $1.6 billion in sales in fiscal 2014. Ashland operates a 250-person manufacturing facility in Port Neches that serves elastomers customers.

“We are pleased with the value we received for the business and believe this transaction represents a good strategic fit for Lion,” says James O’Brien, Ashland chairman and chief executive officer.