Ashland Signs Definitive Deal To Sell Nutraceuticals Business To Turnspire Capital Partners; No Terms Disclosed

5/7/24 7:00:32 AM ET

Specialty Chemicals

Consumer Discretionary

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The transaction is expected to close in the calendar third quarter 2024, subject to the satisfaction of customary closing conditions.

Ashland's nutraceuticals business supplies a broad portfolio of active ingredients and formulation aids to nutritional product companies, as well as custom formulation and contract manufacturing capabilities for the nutrition market, from four production facilities in New Jersey and Utah in the United States, and Tamaulipas, Mexico.

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Date	Price Target	Rating	Analyst
8/8/2024	$90.00 → $89.00	Underweight → Neutral	JP Morgan
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9/12/2022	$120.00	Outperform	Credit Suisse

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Financial results for fourth-quarter fiscal 20241 Sales of $522 million, up one percent from the prior-year quarterSold nutraceuticals business to Turnspire Capital Partners LLCPreviously announced carboxymethylcellulose (CMC), methylcellulose (MC) and nutraceuticals portfolio optimization initiatives reduced overall sales by approximately $24 million or five percent versus the prior-year quarterIncome from continuing operations of $19 million, or $0.39 per diluted shareAdjusted income from continuing operations excluding intangibles amortization expense of $61 million, or $1.26 per diluted shareAdjusted EBITDA of $124 million, up 68 percent from the prior-year quarterAdjusted EBITDA below
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Turnspire Capital Partners LLC ("Turnspire") announced today that an affiliate has completed the acquisition of Pharmachem Innovations, LLC ("Pharmachem" or the "Company"), the former nutraceuticals business of Ashland Inc. (NYSE:ASH). Additionally, Turnspire Operating Partner Maurice Murphy has been appointed Executive Chairman, and Jeff Rogers has been appointed Interim Chief Executive Officer of Pharmachem. Pharmachem is a leading provider of proprietary nutrition ingredients and custom formulation services that supplies a broad portfolio of both active ingredients and formulation aids to nutritional product companies. The Company also offers custom formulation and contract manufactu
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Ashland Signs Definitive Deal To Sell Nutraceuticals Business To Turnspire Capital Partners; No Terms Disclosed

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Recent Analyst Ratings for $ASH

$ASH Press Releases

Fastest customizable press release news feed in the world

Ashland board authorizes quarterly dividend

Ashland to host live 2024 strategy update event for analysts and investors

Ashland reports financial results for fourth-quarter fiscal 20241, issues outlook for full-year fiscal 2025, provides portfolio optimization update and announces strategy update event

$ASH Leadership Updates

Live Leadership Updates

Turnspire Capital Partners Completes Acquisition of Pharmachem from Ashland

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