Ashland Inc. Announces Sale of Nutraceuticals Business to Turnspire Capital Partners LLC
Ashland Inc. (NYSE: ASH) announced today that it has entered into a definitive agreement to sell its nutraceuticals business to Turnspire Capital Partners LLC (“Turnspire”). The transaction is anticipated to close in the third quarter of 2024, pending the fulfillment of customary closing conditions.
Ashland’s nutraceuticals business provides a comprehensive range of active ingredients and formulation aids to nutritional product companies. It also offers custom formulation and contract manufacturing services for the nutrition market, operating from four production facilities located in New Jersey and Utah, USA, and Tamaulipas, Mexico.
“The nutraceuticals business boasts a robust portfolio of proprietary ingredients, formulation and manufacturing capabilities, and a dedicated team committed to growth over the years,” said Guillermo Novo, Ashland’s chair and chief executive officer. “I extend my gratitude to the employees for their dedication and commitment to Ashland and our customers.”
Citi is serving as the financial advisor to Ashland, while Cravath, Swaine & Moore LLP is acting as legal advisor.
Forward-Looking Statements Update
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Ashland has identified some of these forward-looking statements with terms such as “anticipates,” “believes,” “expects,” “estimates,” “is likely,” “predicts,” “projects,” “forecasts,” “objectives,” “may,” “will,” “should,” “plans,” “intends,” and the negative of these words or comparable terminology. Additionally, Ashland may periodically make forward-looking statements in its annual reports to shareholders, quarterly reports, other SEC filings, news releases, and other communications. These statements are based on Ashland’s expectations and assumptions as of the date they are made, concerning its future operating performance, financial condition, operating cash flow, liquidity, the economy, and other future events or circumstances. These include, but are not limited to, statements about the sale of the nutraceuticals business, including the expected timing of the closing, and Ashland’s strategic goals for its remaining portfolio. Various risks and uncertainties could cause actual results to differ materially from those stated, projected, or implied by any forward-looking statements, including delays in satisfying customary closing conditions for the sale of the nutraceuticals business. Factors that may impact our business and operations are detailed in Ashland’s most recent Form 10-K (including Item 1A Risk Factors) filed with the SEC, available on Ashland’s website at http://investor.ashland.com or the SEC’s website at http://www.sec.gov. While Ashland believes its expectations and assumptions are reasonable, there is no assurance that they will be achieved. Unless legally required, Ashland undertakes no obligation to update any forward-looking statements made in this news release due to new information, future events, or otherwise. Information on Ashland’s website is not incorporated into or a part of this news release.
Ashland Inc. (NYSE: ASH) is a global company specializing in additives and specialty ingredients, with a strong commitment to environmental, social, and governance (ESG) principles. The company serves a wide array of consumer and industrial markets, including architectural coatings, construction, energy, food and beverage, nutraceuticals, personal care, and pharmaceuticals. Approximately 3,800 dedicated professionals—from scientists and research chemists to engineers and plant operators—are focused on developing practical, innovative solutions to complex problems for customers in more than 100 countries. For more information, visit ashland.com and ashland.com/ESG.
