Ashland sells nutraceutical business to Turnspire Capital Partners

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 deal were not given.

Ashland's nutraceutical business provides nutritional products companies with a broad portfolio of active ingredients and formulation additives through four manufacturing facilities in New Jersey and Utah in the US, and Tamaulipas, Mexico, as well as custom formulation and contract manufacturing capabilities for the nutritional market, the company said.

"The Nutraceuticals business has a strong portfolio of proprietary ingredients, formulations and manufacturing capabilities, as well as a dedicated team that has demonstrated a passion for growth over the years," said Ashland CEO Guillermo Novo.

On November 1, 2023, as the company released its fourth quarter and full-year fiscal 2023 earnings update, Ashland announced plans to initiate portfolio optimization actions to further strengthen its resilience and improve profitability. One of those actions was to begin divesting the company's nutritional supplements business.