Ashland to Sell Composites and BDO Business

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Ashland Global Holdings Inc. today announced new steps to build a leading specialty chemicals company. The company will streamline its product portfolio and focus on specialty chemicals while improving margins to create greater value for shareholders.

Ashland announced that it will expand its composites business to its BDO plant in Marl, Germany, as well as related commercial centers Finding strategic alternatives for solids and solvents (I&S) products.

Ashland will evaluate all options for disposing of the assets, including a potential sale. The company plans to retain the BDO plant in Lima, Ohio to ensure a stable supply for the company's own product needs.

The company expects to use the proceeds from the sale of these assets, primarily to pay down debt and repurchase shares. Ashland's board of directors has approved a new $1 billion share repurchase authorization to increase operating flexibility. The new authorization will replace the previous authorization, which had approximately $500 million remaining. As with similar transactions in the past, Ashland plans to take action to remove stranded costs from potential asset sales.

Bill Wulfsohn, chairman and chief executive officer of Ashland Corporation, said: "Our decision to pursue strategic alternatives for these assets is consistent with Ashland's vision of building a premier specialty chemicals company. Given the strong performance of these businesses, As well as recent tax reform changes, we believe now is the right time to initiate a review. With a leaner and more focused product portfolio, continued margin improvement, and less volatility in earnings, Ashland will be better positioned to To drive sustained earnings growth and create greater value for shareholders. Over the past year, we have taken concrete steps to support and develop the company's high-quality product portfolio, while continuously improving the company's competitiveness, especially in the field of specialty chemicals. We have made important progress in many areas and the development momentum is good. We expect the development of this year to remain positive."

Wulfsohn said he expects favorable financing conditions, low interest rates, a healthy macroeconomic environment and tax reform measures to create favorable conditions for possible asset sales.

If Ashland decides to sell the assets, an agreement is expected to be signed by the end of 2018. Citibank will assist Ashland in its strategic review of the asset sale.

Exclusively compiled by Tiantian Chemical Network, English news link: http://www.pudaily.com/News /NewsView.aspx?nid=70584