The company will maintain strong capital allocation discipline using the proceeds to invest in the growth of core businesses as well as optimise 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,” Guillermo Novo, chair and chief executive officer, Ashland, said in a statement. “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.
Fibre2Fashion News Desk (KD)