Ashland completes sale of nutraceuticals business
03 September 2024 - 9:00PM
Ashland Inc. (NYSE: ASH) today announced it has completed the sale
of its nutraceuticals business to an affiliate of Turnspire Capital
Partners LLC (“Turnspire”) effective August 30, 2024. The sale
includes custom formulation and contract manufacturing capabilities
for the nutrition market from the production facilities in New
Jersey and Utah in the United States, and Tamaulipas, Mexico.
Financial terms of the transaction were not disclosed.
“The nutraceuticals business has a strong
portfolio of proprietary ingredients, formulation and manufacturing
capabilities,” said Guillermo Novo, chair and chief executive
officer, Ashland. “I want to thank the employees for their
dedication and commitment to Ashland and to our customers over the
years. On behalf of the Ashland team, I wish the new Pharmachem
Innovations continued success as part of the Turnspire family of
companies.”
“We greatly appreciate the Ashland team’s
consistent constructive approach to achieve this win-win
transaction,” said Ilya Koffman, managing partner, Turnspire. “We
look forward to working with the talented management and employees
of Pharmachem Innovations to build on the business’s rich legacy as
a leader in the growing and compelling nutraceuticals space.
Citi acted as financial advisor to Ashland.
Cravath, Swaine & Moore LLP acted as legal advisor to
Ashland.
For more information, visit pharmachem.com
About Ashland Ashland
Inc. (NYSE: ASH) is a global additives and specialty ingredients
company with a conscious and proactive mindset for environmental,
social and governance (ESG). The company serves customers in a wide
range of consumer and industrial markets, including architectural
coatings, construction, energy, food and beverage, personal care
and pharmaceutical. Approximately 3,800 passionate, tenacious
solvers – from renowned scientists and research chemists to
talented engineers and plant operators – thrive on developing
practical, innovative and elegant solutions to complex problems for
customers in more than 100 countries.
Visit ashland.com and ashland.com/ESG to learn more.
™ Trademark, Ashland or its subsidiaries,
registered in various countries.
FOR FURTHER INFORMATION:
Investor Relations: |
Media Relations: |
William Whitaker |
Carolmarie C. Brown |
+1 (614) 790-2095 |
+1 (302) 995-3158 |
wcwhitaker@ashland.com |
ccbrown@ashland.com |
- Ashland completes sale of nutraceuticals business FNL
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