31 March 2011 21:17 [Source: ICIS news]
HOUSTON (ICIS)--US specialty-chemicals producer Ashland completed the $979m (€695m) sale of its distribution business to TPG Capital, the company said on Thursday.
TPG renamed the business Nexeo Solutions, and it began operations as an independent distributor.
Nexeo's chief executive is David Bradley, and its chairman is Dan Smith.
Nexeo has about 2,000 employees. In fiscal 2010, when it was still part of Ashland, the business had sales of $3.4bn.
With the sale closed, Ashland will now generate 42% of its sales outside of North America, the company said. Nearly 20% will come from high-growth areas in Latin America and Asia Pacific.
"This transaction signifies our sharpened focus as a high-performing specialty chemicals company," according to a statement by James O'Brien, chief executive.
"As we move forward, we are well-positioned to invest in and grow our business, and we intend to do so," he said.
TPG Capital is a private-equity firm.
Ashland produces lubricants, unsaturated polyester resins (UPR), coating additives and water-treatment chemicals.
($1 = €0.71)
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