Ashland closes sale of distribution business to Nexeo Solutions
Canadian Plastics
Economy Plastics Industry Economic Changes/ForecastAshland Inc. has completed the sale of its global resin and chemical distribution business Ashland Distribution to private investment firm TPG Capital, and the new business has been renamed Nexeo Solutions LLC.
Ashland Inc. has completed the sale of its global resin and chemical distribution business Ashland Distribution to private investment firm TPG Capital, and the new business has been renamed Nexeo Solutions LLC.
The purchase price is approximately US$979 million in cash.
“Our goal is to be the preferred global distribution partner for suppliers and customers worldwide,” said David Bradley, CEO of Nexeo Solutions, in a news release.
Nexeo will continue to be based in the former Ashland’s headquarters in Dublin, Ohio.
Approximately 42 per cent of Ashland’s sales are now derived from outside North America, with nearly 20 per cent originating in the high growth regions of Latin America and Asia Pacific.
The new Nexeo Solutions has approximately 2,000 employees and generated revenues of US$3.4 billion in fiscal year 2010.
