Ashland Inc. Concludes Nutraceuticals Business Sale Agreement
Ashland Inc. Completes Sale of Nutraceuticals Business
Ashland Inc. (NYSE: ASH) has announced a pivotal change in its business strategy by finalizing the sale of its nutraceuticals division to an affiliate of Turnspire Capital Partners. This transition took effect on August 30, 2024, and opens a new chapter for both companies. The deal encompasses essential components of the nutrition market, including custom formulation and contract manufacturing, with production facilities located in the United States and Mexico.
Leadership Commentary on the Transaction
In discussing the negotiation, Guillermo Novo, Ashland's chair and CEO, expressed his gratitude to the employees for their unwavering commitment throughout the years. He highlighted the robust portfolio of proprietary ingredients and comprehensive manufacturing capabilities that the nutraceuticals business has developed. Novo conveyed well wishes to Pharmachem Innovations, the new home for the nutraceuticals business, which is now part of Turnspire's extensive family of companies.
Turnspire's Enthusiasm for Growth
Ilya Koffman, managing partner at Turnspire, recognized the collaborative approach taken by Ashland's team to ensure a beneficial outcome for all involved. He is optimistic about working alongside the skilled management and workforce at Pharmachem Innovations to enhance the business's status as an industry leader within the growing nutraceutical sector.
Support Team Behind the Sale
Citi served as the financial advisor during this transaction, while Cravath, Swaine & Moore LLP provided legal guidance to Ashland. The expertise of these firms played a crucial role in streamlining the process and ensuring a successful outcome.
About Ashland Inc.
Ashland Inc. (NYSE: ASH) stands as a global leader in additive and specialty ingredient solutions. With a strong commitment to environmental, social, and governance (ESG) principles, Ashland supports a diverse range of industries, including energy, food, beverage, personal care, pharmaceutical, and construction. The company prides itself on its dedicated team of approximately 3,800 innovative professionals who are passionate about providing effective solutions to complex challenges across more than 100 countries.
Contact Information
For further inquiries, please reach out to:
Investor Relations: William Whitaker
Phone: +1 (614) 790-2095
Email: wcwhitaker@ashland.com
Media Relations: Carolmarie C. Brown
Phone: +1 (302) 995-3158
Email: ccbrown@ashland.com
Frequently Asked Questions
What prompted Ashland to sell its nutraceuticals business?
Ashland is focusing more on their core business strategies and felt that selling their nutraceuticals division to Turnspire would benefit both parties.
What will happen to the employees of the nutraceuticals business?
The employees will transition to Pharmachem Innovations which is now part of the Turnspire family, allowing them to continue their work within the nutraceuticals industry.
What are the benefits of this sale for Ashland?
This sale allows Ashland to concentrate its resources on other business areas while enabling the nutraceuticals division to grow under a dedicated management team at Turnspire.
Who provided advisory services to Ashland during this process?
Citi acted as the financial advisor, and Cravath, Swaine & Moore LLP served as the legal advisor for Ashland during the transaction.
Where can I find more information about Ashland Inc.?
For detailed information about Ashland, visit their official website at ashland.com.
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