Ashland Finalizes Strategic Sale of Avoca to Mane for Growth
Ashland Announces Successful Sale of Avoca Business
Ashland Inc. (NYSE: ASH), a prominent player in the global specialty ingredients sector, has recently finalized the sale of its Avoca business to Mane. This strategic decision, effective on March 14, aims to enhance Ashland's focus on its key operations and strengthen their competitive edge in the market.
Insights on Avoca and Its Offerings
The Avoca business is recognized for its production of sclareolide, a vital ingredient often used as a fragrance fixative. Located in North Carolina and Wisconsin, Avoca operates two key production facilities that contribute to its robust contract manufacturing capabilities. This sale marks the conclusion of Ashland’s previous acquisition of Pharmachem, reflecting a significant transition in the company's portfolio.
Guillermo Novo, Ashland's chair and chief executive officer, expressed his gratitude towards the Avoca team, acknowledging their dedication and commitment while wishing them success within Mane. Ashland’s focus remains on driving innovation and sustainability in its offerings, setting the stage for the future direction of the company.
Statements from Company Leaders
Upon completion of the deal, Samantha Mane, CEO of Mane, shared her enthusiasm about acquiring the Avoca sites, reinforcing Mane's long-term commitment to producing high-quality ingredients across the industry. Mane, established in the 19th century, has built a strong reputation globally, operating more than 29 facilities and employing over 8,000 people.
About Ashland and Its Future Directions
Ashland Inc. continues to position itself as a leader in providing innovative solutions for consumer and industrial markets. Serving a diverse clientele across sectors including food and beverage, personal care, and pharmaceuticals, the company's proactive strategy emphasizes environmental, social, and governance (ESG) factors. With a dedicated workforce of around 3,200, Ashland thrives on challenging the norms and developing unique solutions tailored to their global customer base.
About Mane's Operations
Founded in 1871, Mane has evolved into one of the leading global producers of fragrances and flavors. The company’s impressive reach includes over 79 operational sites in more than 40 countries, reflecting its competitive position within the market. Mane's growth trajectory has been remarkable, reporting revenues that surpassed €1.77 billion, solidifying its status as a major industry player.
Getting in Touch With Ashland and Mane
Both companies encourage open communication for stakeholders and interested parties. Ashland's investor relations contact is William C. Whitaker at +1 (614) 790-2095, while media inquiries can be directed to Carolmarie C. Brown at +1 (302) 995-3158. Mane can also be reached for additional information, with key contacts such as Eliane Coloretti and Bertrand Boulin available via phone or email.
Frequently Asked Questions
What business did Ashland sell to Mane?
Ashland sold its Avoca business, which includes sclareolide production, to Mane.
What are the key products of Avoca?
Avoca specializes in producing sclareolide, a fragrance fixative, and offers contract manufacturing services.
What is Ashland's strategic focus post-sale?
Ashland aims to concentrate on its core operations and sustain innovation in specialty ingredients.
How many employees does Mane have?
Mane employs over 8,000 collaborators across its global operations.
Where can I find more information about Ashland?
More information about Ashland can be found on their official website at ashland.com.
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