WILMINGTON, DE — Ashland Inc. (NYSE: ASH) has finalized the sale of its Avoca business to Mane, effective March 14, 2025. While the financial terms of the deal remain undisclosed, the transaction represents a strategic shift for both companies.
The Avoca business specializes in the supply of sclareolide, a fragrance fixative, and provides contract manufacturing services from its facilities in North Carolina and Wisconsin. This move marks the divestiture of the last entity connected to Ashland’s acquisition of Pharmachem.
“The Avoca business is a strong player in the fragrance fixative space, with a dedicated team and attractive manufacturing capabilities to meet customer needs,” said Guillermo Novo, chair and chief executive officer of Ashland. “I want to thank the Avoca employees for their dedication and commitment to Ashland and to our customers. On behalf of the Ashland team, I wish them continued success as part of Mane.”
Mane, a global leader in flavors and fragrances, views the acquisition as a reinforcement of its presence in the production of key industry ingredients. “I am pleased to announce the acquisition of the Avoca sites from Ashland, reinforcing our commitment to the production of ingredients for our industry,” said Samantha Mane, CEO of Mane.
Squire Patton Boggs served as legal advisor to Ashland during the transaction.
The sale aims to align with Ashland’s strategy of focusing on its core specialty chemicals business. The company will continue to invest in innovation and technology, while also pursuing opportunities for growth and expansion.
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