Ashland Will Sell Business Unit For $930 Million

Chemical company Ashland said it would sell its distribution business to TPG Capital for $930 million, Reuters reported. The unit - which distributes chemicals, plastics, and other materials across North America and Europe - accounted for more than 38% of Ashland’s fourth quarter revenue. The company is selling the business unit, however, as it shifts its focus to higher-margin specialty chemicals, Reuters reported. Ashland is based in Covington, Kentucky.

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