WILMINGTON, Del., April 30, 2021 (GLOBE NEWSWIRE) — Ashland Global Holdings Inc. (NYSE: ASH) today announced that it has completed the acquisition of the personal care business from Schülke & Mayr GmbH, a portfolio company of the global investment organization EQT.
Under the terms of the agreement, Ashland agreed to a purchase price of €262.5 million in an all-cash transaction funded with bank financing and available cash, subject to customary purchase price adjustments. Ashland expects the acquisition to become immediately accretive to Ashland’s earnings per share.
The completion of the acquisition strengthens Ashland’s consumer business portfolio and enhances the company’s specialty additives position while expanding the company’s biotechnology and microbiology technical competencies. The move also advances Ashland’s environmental, social and governance (ESG) agenda by further aligning the company’s personal care and household portfolio with the ‘clean beauty’ trend and new generation of consumers seeking products with milder ingredients.
“I am excited to welcome the Schülke and Mayr personal care employees to Ashland. They will help broaden our specialty additives solutions and expand our biotechnology and microbiology technical capabilities,” said Guillermo Novo, chairman and chief executive officer, Ashland. “We will continue driving our strategy and focusing on bolt-on acquisitions that create new sustainable solutions in broader fields of application to deliver value to our customers.”
“Completing this acquisition supports our strategy to strengthen the profitable growth of our personal care and household business unit,” said Xiaolan Wang, senior vice president and general manager, personal care and household, Ashland. “It is my pleasure to welcome our new solvers to Ashland who will further help our customers’ brands differentiate and grow in a constantly changing market space.”
Citi is acting as financial advisor to Ashland, and Squire Patton Boggs LLP is acting as legal advisor.