Keeping to its earlier timetable – see Plasteurope.com of 12.11.2010 – Ashland Inc (Covington, Kentucky / USA; www.ashland.com) on 31 March announced that it had completed the sale of its distribution business to TPG Capital (Fort Worth, Texas / USA; www.tpg.com) affiliate Nexeo Solutions. The transaction’s final price tag amounts to USD 979m (roughly EUR 666m).

Ashland Distribution’s 2,000 employees generated revenues of USD 3.4 bn in fiscal 2010. Following the business unit’s divesture, the US chemicals group will derive about 42% of its sales from outside North America. Commenting on the change, Ashland CEO James O’Brien said: “This transaction signifies our sharpened focus as a high-performing speciality chemicals company.”