Ashland Completes Sale of Wood Rosin and Terpenes Business

Ashland says it has completed the previously announced sale of its refined wood rosin and natural wood terpenes business, formerly known as Pinova, to private equity fund manager TorQuest Partners (Toronto), for about $75 million. Ashland acquired the business in its 2008 acquisition of Hercules. Nearly 200 employees and a manufacturing facility at Brunswick, GA, were transferred to TorQuest Partners, as part of the transaction, Ashland says. The business, which TorQuest will operate under the name Pinova, generated revenues of about $85 million in 2009. The sale...

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