November 8, 2010 - by Frank Esposito Plastics News Staff - Covington, KY. (Nov. 8, 8:50 a.m. ET) -- Ashland Inc. announced Nov. 8 that it has signed a definitive agreement to sell its global distribution business to investment firm TPG Capital for $930 million.
Ashland Distribution has been a part of Ashland Inc. for more than 40 years. The unit employs 2,000 and has annual sales of about $3.4 billion. The company distributes chemical products in North America, Europe and China.
“We are very excited to invest in Ashland Distribution, which Ashland has built into one of the leading global chemical distribution companies,” said Michael MacDougall, partner at TPG Capital, in a news release.
Kevin Burns, partner at TPG Capital, added, “TPG has a long history of helping former subsidiaries thrive as independent companies. With our experience in chemicals and distribution, and the management team’s deep knowledge of the sector, the potential is high for continued strong performance at Ashland Distribution.”
The deal is scheduled to close prior to March 31. TPG is expected to keep the unit’s headquarters in Dublin, Ohio.