WILMINGTON, DE — Ashland Inc. (NYSE: ASH) has finalized the sale of its nutraceuticals division to Turnspire Capital Partners LLC, effective August 30, 2024. This transaction includes custom formulation and contract manufacturing operations located in New Jersey, Utah, and Tamaulipas, Mexico. Financial terms were not disclosed.
Guillermo Novo, Ashland’s CEO, expressed gratitude to the employees for their dedication. “The nutraceuticals business has a strong portfolio of proprietary ingredients, formulation and manufacturing capabilities,” he stated, extending best wishes to the new entity under Turnspire.
Turnspire’s Managing Partner, Ilya Koffman, acknowledged Ashland’s cooperative approach, stating, “We look forward to working with the talented management and employees of Pharmachem Innovations to build on the business’s rich legacy as a leader in the growing and compelling nutraceuticals space.”
Citi served as Ashland’s financial advisor, while Cravath, Swaine & Moore LLP provided legal advice for the sale.
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