Exhibit 21

INTERNATIONAL SPECIALTY HOLDINGS INC.    LIST OF SUBSIDIARIES

|Company                                              |  | Jurisdiction of
Formation
|---------------------------------------------------- |  | -------------------------
|ISP Investco LLC                                     |  | Delaware                 
|International Specialty Products ISP (France) S.A.   |  | France                   
|ISP (Italia) S.r.l.                                  |  | Italy                    
|ISP Ireland1                                         |  | Ireland                  
|ISP Chemco Inc.                                      |  | Delaware                 
|Bluehall Incorporated                                |  | Delaware                 
|Verona Inc.                                          |  | Delaware                 
|ISP Alginates Inc.                                   |  | Delaware                 
|ISP Environmental Services Inc.                      |  | Delaware                 
|ISP Management Company, Inc.                         |  | Delaware                 
|ISP Management LLC                                   |  | Delaware                 
|ISP Administration Inc.                              |  | Delaware                 
|ISP Realty Corporation                               |  | Delaware                 
|ISP Minerals Inc.                                    |  | Delaware                 
|ISP Granule Products Inc.                            |  | Delaware                 
|ISP Minerals LLC                                     |  | Delaware                 
|ISP Granules Inc.                                    |  | Delaware                 
|ISP Mineral Products Inc.                            |  | Delaware                 
|ISP Real Estate Company, Inc.                        |  | Delaware                 
|ISP Technologies Inc.                                |  | Delaware                 
|International Specialty Products Funding Corporation |  | Delaware                 
|ISP Funding Corp. II                                 |  | Delaware                 
|ISP Technologies LLC                                 |  | Delaware                 
|ISP Tech (Texas) Inc.                                |  | Delaware                 
|ISP Chemicals Inc.                                   |  | Delaware                 
|ISP Chemicals LLC                                    |  | Delaware                 
|ISP Chemical Products Inc.                           |  | Delaware                 
|ISP Freetown Fine Chemicals Inc.                     |  | Delaware                 
|ISP Investments Inc.                                 |  | Delaware                 
|ISP Investments LLC                                  |  | Delaware                 
|ISP Capital Inc.                                     |  | Delaware                 
|ISP Global Technologies Inc.                         |  | Delaware                 
|ISP Global Technologies LLC                          |  | Delaware                 
|ISP GT Inc.                                          |  | Delaware                 
|ISP International Corp.                              |  | Delaware                 
|ISP (Puerto Rico) Inc.                               |  | Delaware                 

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|Company                                        |  | Jurisdiction of
Formation
|---------------------------------------------- |  | -------------------------
|ISP Andina, C.A.                               |  | Venezuela                
|ISP Argentina S.A.                             |  | Argentina                
|ISP Asia Pacific Pte Ltd.                      |  | Singapore                
|ISP (Australasia) Pte Ltd.                     |  | Australia                
|ISP (Belgium) N.V.                             |  | Belgium                  
|ISP (Belgium) International N.V.               |  | Belgium                  
|ISP do Brasil Ltda.                            |  | Brazil                   
|ISP (Canada) Inc.                              |  | Canada                   
|ISP Global Operations (Barbados) Inc.          |  | Barbados                 
|ISP Ceska Republika Spol, S.R.O.               |  | Czech. Rep.              
|ISP (China) Limited                            |  | China                    
|ISP Colombia Ltda.                             |  | Colombia                 
|ISP Freight Service N.V.                       |  | Belgium                  
|ISP HC Limited                                 |  | Cyprus                   
|ISP Hungary Holdings Limited                   |  | Hungary                  
|ISP Global Technologies (Germany) Holding GmbH |  | Germany                  
|ISP Customer Service GmbH                      |  | Germany                  
|ISP Global Technologies Deutschland GmbH       |  | Germany                  
|ISP Holdings (U.K.) Ltd.                       |  | United Kingdom           
|ISP Alginates (U.K.) Ltd.                      |  | United Kingdom           
|ISP (Great Britain) Co. Ltd.                   |  | United Kingdom           
|ISP (Hong Kong) Limited                        |  | Hong Kong                
|ISP (Japan) Ltd.                               |  | Japan                    
|ISP (Korea) Limited                            |  | Korea                    
|ISP Marl Holdings GmbH                         |  | Germany                  
|ISP Acetylene GmbH                             |  | Germany                  
|ISP Marl GmbH                                  |  | Germany                  
|ISP Mexico, S.A. de C.V.                       |  | Mexico                   
|ISP (Norden) A.B.                              |  | Sweden                   
|ISP (Osterreich) Ges.m.b.h.                    |  | Austria                  
|ISP (Polska) Sp.z. o.p.                        |  | Poland                   
|ISP Sales (Barbados) Inc.                      |  | Barbados                 
|ISP Sales (U.K.) Limited                       |  | Ireland                  
|ISP (Singapore) Pte Ltd.                       |  | Singapore                
|ISP (Switzerland) A.G.                         |  | Switzerland              
|ISP (Thailand) Co., Ltd.                       |  | Thailand                 
|Arramara Teoranta2                             |  | Ireland                  
|Chemfields Pharmaceuticals Private Limited3    |  | India                    
|Kelp Industries Pty. Ltd.4                     |  | Tasmania                 
|Thorverk Hf5                                   |  | Iceland                  

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