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MarketScreener Homepage  >  Equities  >  Nyse  >  Ashland Global Holdings Inc.    ASH

ASHLAND GLOBAL HOLDINGS INC.

(ASH)
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Ashland announces definitive agreement to sell maleic anhydride business to AOC Materials, LLC for $100 million

07/27/2020 | 06:46am EST

WILMINGTON, Del., July 27, 2020 (GLOBE NEWSWIRE) -- Ashland Global Holdings Inc. (NYSE: ASH) today announced a definitive agreement to sell the company’s maleic anhydride business and manufacturing facility in Neal, West Virginia to AOC Materials LLC, for $100 million.

Maleic anhydride is manufactured industrially on a large scale for applications in coatings and polymers. The maleic anhydride business was previously excluded from the sale of Ashland’s Composites business and the butanediol (BDO) manufacturing facility in Marl, Germany, to INEOS Enterprises. The transaction with AOC is expected to close prior to the end of calendar year 2020, contingent on customary regulatory approvals and standard closing conditions.

“Today’s announcement furthers Ashland’s strategic focus to streamline our portfolio and to focus on specialty ingredients and improved margins,” said Guillermo Novo, chairman and chief executive officer, Ashland. “The Maleic business and its respective employees have made important contributions to Ashland, and AOC will take a strategic view of the business to drive growth and continue their success.”

“We are delighted to have this business as a part of our company and welcome the employees who have made it successful to the AOC family,” remarked Joe Salley, chief executive officer, AOC.  “We are excited about the growth prospects, not only as a source for our internal consumption but also for the merchant market as well.”

Citi is acting as financial advisor to Ashland, and Squire Patton Boggs LLP is acting as legal advisor.

About Ashland 
Ashland Global Holdings Inc. (NYSE: ASH) is a premier global specialty materials company serving customers in a wide range of consumer and industrial markets, including adhesives, architectural coatings, automotive, construction, energy, food and beverage, nutraceuticals, personal care and pharmaceutical. At Ashland, we are approximately 4,600 passionate, tenacious solvers – from renowned scientists and research chemists to talented engineers and plant operators – who thrive on developing practical, innovative and elegant solutions to complex problems for customers in more than 100 countries. Visit ashland.com to learn more. 
  
About AOC
AOC is the leading global supplier of resins and specialty materials that enable customers to create robust, durable, and versatile products and components. With strong capabilities around the world in both manufacturing and science, the company works closely with customers to deliver unrivaled quality, service, and reliability for today, and create innovative solutions for tomorrow.   

FOR FURTHER INFORMATION:

Ashland
Investor Relations:                                        Media Relations:
Seth A. Mrozek                                              Carolmarie C. Brown
+1 (302) 594-5010                                         +1 (302) 995-3158
samrozek@ashland.com                             ccbrown@ashland.com
  
AOC
Media Relations:
Thomas Wegman
+31 38 4569565
thomas.wegman@aocresins.com

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Financials (USD)
Sales 2021 2 429 M - -
Net income 2021 218 M - -
Net Debt 2021 1 204 M - -
P/E ratio 2021 21,1x
Yield 2021 1,53%
Capitalization 4 554 M 4 554 M -
EV / Sales 2021 2,37x
EV / Sales 2022 2,22x
Nbr of Employees 4 500
Free-Float 99,5%
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 11
Average target price 90,73 $
Last Close Price 75,17 $
Spread / Highest target 43,7%
Spread / Average Target 20,7%
Spread / Lowest Target 6,43%
EPS Revisions
Managers
NameTitle
Guillermo Novo Chairman & Chief Executive Officer
Keith C. Silverman Senior VP-Global Operations & Quality
J. Kevin Willis Chief Financial Officer & Senior Vice President
Anne T. Schumann Chief HR & IT Officer, Senior Vice President
Osama M. Musa Chief Technology Officer & Senior Vice President
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