Ashland Inc. announced it has signed a definitive agreement to sell its Avoca business to Mane. The transaction is expected to close in the first calendar quarter of 2025, subject to customary closing conditions. The Avoca business specializes in supplying Sclareolide, a fragrance fixative, and offers contract manufacturing capabilities from two facilities in North Carolina and Wisconsin.
This divestiture represents the final entity from Ashland’s previous acquisition of Pharmachem, marking a significant step in the company's portfolio optimization strategy. The sale is intended to further reduce business volatility and enhance Ashland's focus on its core, higher-margin specialty ingredients.
Guillermo Novo, Ashland's chair and chief executive officer, stated that the Avoca business is a strong player with a dedicated team and attractive manufacturing capabilities. This strategic move aligns with Ashland's broader efforts to streamline its operations and concentrate on its core consumer-focused markets.
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