Ashland to Sell Distribution Unit for $930M
Ashland agreed to sell its global distribution business to TPG Capital for $930 million.
COVINGTON, Kentucky (
) -
Ashland
(ASH) - Get Report
agreed to sell its global distribution business to TPG Capital for $930 million.
"This divestiture reflects Ashland's strategic direction and completes a major step in our multi-year transformation into a high-performing specialty chemicals company," Chairman and CEO James O'Brien said in a statement Monday.
Ashland Distribution has revenue of $3.4 billion. It employs about 2,000 employees across North America and Europe.
The sale is expected to close prior to the end of the March quarter, Ashland said.
-- Written by Joseph Woelfel
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