WILMINGTON, DE — Ashland Inc. (NYSE: ASH) has reached a definitive agreement to sell its Avoca business to Mane, a global leader in the fragrance industry. The transaction is anticipated to close in the first quarter of 2025, pending customary closing conditions.
The Avoca business is known for producing Sclareolide, a key ingredient used as a fragrance fixative, along with offering contract manufacturing services. Its operations span two production facilities located in North Carolina and Wisconsin. The sale marks the final divestiture of Ashland’s holdings from its prior acquisition of Pharmachem.
Commenting on the sale, Guillermo Novo, chair and CEO of Ashland, expressed gratitude to the Avoca team. “The Avoca business is a strong player in the fragrance fixative space with a dedicated team and attractive manufacturing capabilities to meet customer needs,” Novo said. “I want to thank the Avoca employees for their dedication and commitment to Ashland and to our customers.”
This divestiture aligns with Ashland’s ongoing strategy to refine its portfolio and focus on core priorities. Mane, as the buyer, is expected to strengthen its position in the fragrance manufacturing sector with this acquisition.
Squire Patton Boggs is serving as legal advisor to Ashland on the transaction.
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