Ashland Inc. recently announced that it has closed the sale of its global distribution business, known as Ashland Distribution, to Nexeo Solutions LLC, an affiliate of TPG Capital, for a purchase price of approximately $979 million in cash. The purchase includes an adjustment for estimated closing net working capital, as well as the assumption of certain specified liabilities. With approximately 2,000 employees, the business generated revenues of $3.4 billion in fiscal year 2010.
“This transaction signifies our sharpened focus as a high-performing specialty chemicals company,” said James J. O’Brien, chairman and CEO of Nexeo. “It also is consistent with our overall goal to return maximum long-term value to our shareholders.”
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