Chemical company Ashland will acquire International Specialty Products (ISP) in a deal valued at $3.2 billion. The all-cash transaction marks the second-largest-ever acquisition for Covington, Ky.-based Ashland, which paid $3.3 billion for rival chemical company Hercules in 2008.

Wayne, N.J.-based ISP produces chemicals for skin, hair and oral hygiene products and, in the year ending March 31, had $1.6 billion in revenue and operating earnings of $360 million. The deal will also expand Ashland’s portfolio in the pharmaceutical and energy markets.

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