Ashland Signs Definitive Agreement to Sell Its Avoca Business to Mane
Ashland Inc. announced that it has signed a definitive agreement to sell its Avoca business to Mane. The transaction is expected to close in the first quarter of 2025, subject to customary closing conditions.
Ashland’s Avoca business supplies the fixative Sclareolide and a range of contract manufacturing capabilities through two production facilities located in North Carolina and Wisconsin. The Avoca business line is the last entity formed following Ashland’s previous acquisition of Pharmachem.
Guillermo Novo, Chairman and CEO of Ashland, said: “The Avoca business is a strong player in the fixative space with a dedicated team and attractive manufacturing capabilities to meet customer needs. I would like to thank Avoca employees for their dedication and commitment to Ashland and our customers.”
Squire Patton Boggs served as legal counsel to Ashland.
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