Ashland Inc. (NYSE: ASH) announced today that it has completed the sale of its Avoca business to Mane effective March 14. Financial terms of the transaction were not disclosed.
The Avoca business supplies sclareolide, a fragrance fixative, and a range of contract manufacturing capabilities from two production facilities in North Carolina and Wisconsin. The Avoca business line represents the last entity from Ashland’s previous acquisition of Pharmachem.
“The Avoca business is a strong player in the fragrance fixative space, with a dedicated team and attractive manufacturing capabilities to meet customer needs,” said CEO Guillermo Novo. “I want to thank the Avoca employees for their dedication and commitment to Ashland and to our customers. On behalf of the Ashland team, I wish them continued success as part of Mane.”
“I am pleased to announce the acquisition of the Avoca sites from Ashland, reinforcing our commitment to the production of ingredients for our industry,” said Samantha Mane, CEO of MANE.
Ashland is a global additives and specialty ingredients company with a conscious and proactive mindset for environmental, social and governance. The company serves customers in a wide range of consumer and industrial markets, including architectural coatings, construction, energy, food and beverage, personal care and pharmaceutical.
ASH shares began Monday’s trading day up 14 cents to $57.20.
