Ashland Inc. announced it has signed a definitive agreement to sell its global distribution business, Ashland Distribution, to TPG Capital for $930 million.

“This divestiture reflects Ashland’s strategic direction and completes a major step in our multi-year transformation into a high-performing specialty chemicals company,” said James J. O’Brien, chairman and CEO. “Our overall goal remains to return maximum long-term value to our shareholders. For TPG, the purchase of Ashland Distribution represents an opportunity to acquire an industry-leading distributor with an established network of suppliers. I believe the outlook for the distribution business and its employees will be much stronger as part of an organization targeting growth within the distribution marketplace.”

“We are very excited to invest in Ashland Distribution, which Ashland has built into one of the leading global chemical distribution companies,” said Michael MacDougall, partner, TPG Capital. “We look forward to partnering with management and the talented employees to continue the company’s growth.”

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