Ashland completes previously announced sale of Valvoline's car-care products assets to Highlander Partners, L.P.
July 01 2015 - 8:00AM
July 1, 2015
COVINGTON, Ky. - Ashland Inc.
(NYSE: ASH) today announced that it has completed the previously
announced sale of Valvoline's car-care products assets to Niteo
Products, LLC, a newly formed affiliate of Highlander Partners,
L.P. Financial terms were not disclosed.
Car-care products, which
represented less than four percent of Valvoline's $2.0 billion in
sales for the 12 months ended December 31, 2014, includes the
following brands:
-
Car Brite - Professional automotive detailing
products such as cleaners and degreasers sold through the
Do-It-For-Me (DIFM) channel;
-
Eagle One - Consumer detailing products such as
cleaners and degreasers sold through the Do-It-Yourself (DIY)
channel; and
-
Pyroil - A full line of automotive maintenance
chemicals.
Also included in the sale are
Valvoline-branded and private-label maintenance chemicals sold into
the DIY channel. Approximately 140 employees work in car-care
products, including approximately 120 based at the Valvoline
manufacturing and distribution facilities in Hernando,
Mississippi.
About Highlander
Partners
Highlander Partners, L.P. is a Dallas-based private investment firm
with over $1 billion of assets under management. The firm focuses
on making investments in businesses in targeted industries in which
the principals of the firm have significant operating and investing
experience, including basic manufacturing, food, chemicals,
building materials, consumer products, and others. Highlander
Partners uses a "buy and build" investment approach, creating value
by helping companies grow organically and through acquisitions. For
more information, visit www.highlander-partners.com.
About Ashland
Ashland Inc. (NYSE: ASH) is a global leader in providing specialty
chemical solutions to customers in a wide range of consumer and
industrial markets, including architectural coatings, automotive,
construction, energy, food and beverage, personal care and
pharmaceutical. Through our three commercial units - Ashland
Specialty Ingredients, Ashland Performance Materials and Valvoline
- we use good chemistry to make great things happen for customers
in more than 100 countries. Visit ashland.com to learn more.
- 0 -
C-ASH
FOR FURTHER
INFORMATION:
Ashland Media Relations:
Gary
Rhodes
+1 (859)
815-3047
glrhodes@ashland.com
Ashland Investor Relations:
Jason
Thompson
+1 (859) 815-4454
jlthompson@ashland.com
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Ashland Inc. via Globenewswire
HUG#1933198
Ashland (NYSE:ASH)
Historical Stock Chart
From Apr 2024 to May 2024
Ashland (NYSE:ASH)
Historical Stock Chart
From May 2023 to May 2024