Ashland to Explore Strategic Alternatives for Composites and for BDO Manufacturing Facility in Marl, Germany

March 26 2018

Ashland Global Holdings Inc. reported the next step on its path towards creating a more streamlined portfolio focused on specialty ingredients and improved margins that should generate enhanced value for shareholders.

Ashland will explore strategic alternatives for its Composites segment, as well as for the butanediol (BDO) manufacturing facility in Marl, Germany, and related merchant Intermediates and Solvents (I&S) products. Ashland intends to evaluate all options with respect to these assets, including a potential sale. The company plans to retain its BDO plant in Lima, Ohio, to ensure consistent supply for Ashland's internal needs.

The company expects to use proceeds from a possible sale of these assets primarily for debt reduction and share repurchases. Ashland's board of directors has approved a new $1 billion share repurchase authorization to provide flexibility. The new authorization replaces the previous authorization which had approximately $500 million remaining. Ashland intends to take action to eliminate stranded costs from a potential sale, consistent with similar past transactions.

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