Ashland - M&A Summary and Business Overview

ChemicalsCompany

Ashland M&A Summary

Ashland has acquired 8 companies, including 1 in the last 5 years. A total of 2 acquisitions came from private equity firms. It has also divested 12 assets.

Ashland’s largest acquisition to date was in 2008, when it acquired Hercules for $3.3B. It’s largest disclosed sale occurred in 2014, when it sold Solenis to CD&R for $1.8B. Ashland has acquired in 6 different US states, and 2 countries. The Company’s most targeted sectors include chemicals (86%) and oil/gas exploration (15%).

Ashland Business Overview

Where is Ashland headquartered?

Ashland is headquartered in Wilmington, Delaware.

What is Ashland’s revenue?

Ashland disclosed revenue of 2,391M USD for 2022 and 2,111M USD for 2021.

How many employees does Ashland have?

Ashland has 3,900 employees.

What sector is Ashland in?

Ashland is a chemicals company.

When was Ashland founded?

Ashland was founded in 1924.

M&A Summary

  • M&A Total Activity19
    • M&A Buy Activity7
    • M&A Sell Activity12
  • Total Sectors Invested 2
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 16
  • M&A Advisors 5

Ashland

Ashland Inc

8145 Blazer Drive,
Wilmington, Delaware 19808
United States,
(302) 995-3000
www.ashland.com

Ashland is a global specialty chemicals company. Ashland has three reportable segments: Specialty Ingredients, Performance Materials and Valvoline. Specialty Ingredients is a global provider of cellulose ethers, vinyl pyrrolidones and biofunctionals. Performance Materials is composed of two divisions: Composites and Intermediates/Solvents. Performance Materials is a global provider of unsaturated polyester resins and vinyl ester resins. The business unit has positions in gelcoats, maleic anhydride, butanediol, tetrahydrofuran, N-Methylpyrrolidone and other intermediates and solvents. Valvoline is a worldwide producer and distributor of premium-branded automotive, commercial and industrial lubricants and automotive chemicals. Ashland was incorporated in 1924 and is based in Wilmington, Delaware.


M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (0.2/yr) # 6 - 1 - - - 7
vol $6.7B $296M $7.0B
Sell (0.6/yr) # 9 1 1 - 1 - 12
vol $5.4B $100M $1.7B $7.1B
  19

Most Recent M&A

Company Date Value Type
Ashland - Carbonyl Iron Manufacturing assets and business lines 2023-05-08 - Divestiture
Covington, Kentucky
Ashland Global Holdings Inc. - Performance Adhesives Business 2021-08-31 1.7B USD Divestiture
Covington, Kentucky
Schülke & Mayr GmbH - Personal Care Business 2021-01-19 296M EUR Divestiture
Norderstedt, Germany
Ashland, Inc. - Maleic Anhydride Business 2020-07-27 100M USD Divestiture
Neal, West Virginia
Ashland, Inc. - Composites Business & Butanediol Facility 2018-11-15 1.1B USD Divestiture
Covington, Kentucky
Valvoline Inc. 2016-09-22 - Spin Off
Lexington, Kentucky · www.valvoline.com
OCH International, Inc. 2015-12-11 - Add-on Acquisition
Portland, Oregon · www.oilcanhenrys.com
Ashland - Elastomers Business 2014-10-09 - Divestiture
Port Neches, Texas
Solenis LLC 2014-02-18 1.8B USD Divestiture
Wilmington, Delaware · www.solenis.com
Ashland - Vinac & Flexbond Buisness 2012-01-03 - Divestiture
, United States
View All >>

Business Unit M&A

Company Acquired Add-On/Sale Date #
Ashland Specialty Ingredients Co.    - Integrated Botanical Technologies, LLC (Zeta Fraction) 2015-07-02 1
Dublin, Ohio Ossining, New York · www.i-botanicals.com

M&A by Sector

Sector Buy # Value Sell # Value
Chemicals 6 (86%) 7.0B (100%) 10 (83%) 4.8B (68%)
Oil/Gas Exploration 1 (14%) - - -
Construction - - 1 (8%) 1.3B (18%)
Distribution - - 1 (8%) 979M (14%)
Total 7 $7.0B 12 $7.1B

By Geo

State/Country Buy Value Sell Value
United States 6 6.7B 12 7.1B
  Kentucky - - 4 2.8B
  New Jersey 1 3.2B 1 120M
  Delaware 1 3.3B 1 1.8B
  Texas - - 2 979M
  Georgia - - 2 1.4B
  Wisconsin 1 72M - -
  Oregon 1 - - -
  Ohio 1 - - -
  West Virginia - - 1 100M
Germany 1 296M - -
Domestic 6 (86%) 6.7B (96%) 12 (100%) 7.1B (100%)
Cross-border 1 (14%) 296M (4%) - -
Total 7 $7.0B 12 $7.1B

Top M&A Advisors

Financial Deals
Citigroup Investment Banking
 4
BofA Securities
 1
Legal Deals
Cravath, Swaine & Moore
 3
Squire Patton Boggs
 2
Squire Sanders
 1

Deal Values

buy # Total
> $1B 2 $6.5B
$100M to $1B 1 $296M
< $100M 2 $164M
TOTAL $7.0B
Largest Hercules, Inc.
$3.3B (2008-07-11)
sell # Total
> $1B 4 $5.9B
$100M to $1B 2 $1.1B
< $100M 2 $175M
TOTAL $7.1B
Largest Solenis LLC
$1.8B (2014-02-18)

M&A Connections

Deals
Acquired from
Investor(s)
14%
1 (14%)
Strategic(s)
29%
2 (29%)
Divested to
Investor(s)
25%
3 (25%)
Strategic(s)
58%
7 (58%)

Company Summary

SECTOR

Chemicals

Revenue

2,391   14% 2022
2,111   10% 2021
2,326   7% 2020
2,493   34% 2019
3,743   15% 2018
3,260   35% 2017
4,948   9% 2016
5,387   12% 2015
6,121   1% 2014
6,091   6% 2013
6,472   2012
(millions of USD) Show More Show Less

Employees

3,900

Established

1924

Public

NYSE: ASH

Former Name

Ashland Global Holdings Inc.

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