Ashland Global Holdings Inc. has just announced it has completed the previously announced sale of its Performance Adhesives business to Arkema in an all-cash transaction valued at approximately $1.65 billion.
Ashland expects net proceeds from the sale to total approximately $1.2 to $1.3 billion. The company will maintain strong capital allocation discipline using the proceeds to invest in the growth of core businesses as well as optimize its balance sheet and reward shareholders.
"The sale of our Performance Adhesives business completes our journey as a focused additive and specialty ingredients company with leadership positions in life sciences, personal care and coatings,” said Guillermo Novo, chair and chief executive officer, Ashland. “I am excited about our future and the quality of our additives and specialty ingredients portfolio and our leadership position in the core markets we serve.”
Citi was the financial advisor and Cravath, Swaine & Moore LLP and Squire Patton Boggs LLP acted as legal advisors to Ashland.
Ashland Global Holdings Inc. (NYSE: ASH) is a premier additives and specialty ingredients company with a conscious and proactive mindset for sustainability. The company serves customers in a wide range of consumer and industrial markets, including architectural coatings, automotive, construction, energy, food and beverage, nutraceuticals, 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.ashland.com and ashland.com/sustainability to learn more.
™ Trademark, Ashland or its subsidiaries, registered in various countries.