US specialty chemicals producer Ashland has signed a definitive agreement to sell its nutraceuticals business to Turnspire Capital Partners. The transaction is expected to close in the third quarter of 2024, subject to customary closing conditions. Financial details of the transaction were not given.
Ashland’s nutraceuticals business, the company stated, 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 US, and Tamaulipas, Mexico.
“The nutraceuticals business has a strong portfolio of proprietary ingredients, formulation and manufacturing capabilities, and a dedicated team that has demonstrated a passion to grow over the years,” said Guillermo Novo, CEO of Ashland.
On the occasion of an update on the company’s fiscal 2023 fourth-quarter and full-year earnings on Nov. 1, 2023, Ashland announced its plan to initiate portfolio-optimization actions to further strengthen its resilience and improve profitability. One of these actions was the start of a divestiture process for the company’s nutraceuticals business.
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