Sale of Distribution Takes Ashland to Its Specialties Core

Ashland has agreed to sell its distribution business to private equity firm TPG Capital (Fort Worth, TX) for $930 million. “The sale completes a major step in our multi-year transformation into a high-performing specialty chemicals company,” says Ashland chairman and CEO James O’Brien. Specialties accounted for less than 10% of Ashland’s revenues in the late 1990s. The deal leaves Ashland focused on four businesses: Aqualon cellulosics, water treatment, unsaturated polyester resins, vinyl ester resins and adhesives, and Valvoline consumer...

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