Ashland Sells Distribution Business to Nexeo Solutions

Ashland has closed the sale of its global distribution business, known as Ashland Distribution, to Nexeo Solutions, an affiliate of TPG Capital, for a purchase price of approximately $979 million in cash, including an adjustment for estimated closing net working capital, plus the assumption of certain specified liabilities. The purchase price is subject to post-closing adjustment for the difference between estimated and actual closing net working capital. With approximately 2,000 employees, the business generated revenues of $3.4 billion in fiscal year 2010.

Commenting on the transaction, Chairman and Chief Executive Officer James J. O'Brien said, "This transaction signifies our sharpened focus as a high-performing specialty chemicals company. It also is consistent with our overall goal to return maximum long-term value to our shareholders."