Ashland Inc. announced the completion of the sale of its Avoca business to Mane, effective March 14, 2025. The financial terms of the transaction were not disclosed. The Avoca business, which supplied sclareolide and offered contract manufacturing capabilities, was the last entity from Ashland’s previous acquisition of Pharmachem.
This divestiture marks the final stage of Ashland's significant portfolio optimization efforts, allowing the company to fully focus on its core specialty ingredients businesses. The completion of this sale is expected to reduce business volatility and enhance overall profitability.
Guillermo Novo, Ashland's chair and chief executive officer, expressed gratitude to the Avoca employees and confidence in their continued success as part of Mane. This strategic move reinforces Ashland's commitment to its refined business model.
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