Ashland completes sale of land located in Ajax, Canada to Sunray Group of Hotels Inc, for CAD $12.25 million

Rhea-AI Summary

Ashland, Inc. has completed the sale of about six acres of land in Ajax, Canada, to Sunray Group of Hotels for CAD 12.25 million, yielding net proceeds of CAD 9.2 million. The sale is part of Ashland's strategy to offload unutilized land to fund a newly created environmental trust. CEO Guillermo Novo emphasized that this trust aligns with the company's environmental, social, and governance (ESG) commitments.

Positive

• Completed the sale of approximately six acres of land for CAD 12.25 million.
• Net proceeds of CAD 9.2 million will fund the newly established environmental trust.

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• None.

Ashland proceeds will fund environmental trust

WILMINGTON, Del., Aug. 08, 2022 (GLOBE NEWSWIRE) -- Ashland, Inc. (NYSE: ASH) today announced it has completed the sale of approximately six acres of land located in Ajax, Canada to Sunray Group of Hotels Inc., a leading real estate developer with a significant portfolio across Canada, in a transaction of (CAD) $12.25 million, with net proceeds of (CAD) $9.2 million.  

As previously communicated, Ashland is selling unutilized land to fund the newly established environmental trust.

“We are continuing to execute our plan to sell valuable land that is not being utilized by the company, and we will place the proceeds in an environmental trust,” said Guillermo Novo, chair and chief executive officer, Ashland. “Our environmental trust is an integral part of our core values and strategy and a clear example of our environment, social and governance (ESG) commitment.”

About Ashland 
Ashland, Inc. (NYSE: ASH) is a global additives and specialty ingredients company with a conscious and proactive mindset for sustainability. The company serves customers in a wide range of consumer and industrial markets, including architectural coatings, automotive, construction, energy, food and beverage, nutraceuticals, personal care and pharmaceutical. Approximately 3,800 passionate, tenacious solvers – from renowned scientists and research chemists to talented engineers and plant operators – thrive on developing practical, innovative and elegant solutions to complex problems for customers in more than 100 countries. Visit Ashland at ashland.com and ashland.com/sustainability to learn more. 

™ Trademark, Ashland or its subsidiaries, registered in various countries.

FOR FURTHER INFORMATION:

Investor Relations:	Media Relations:
Seth A. Mrozek	Carolmarie C. Brown
+1 (302) 594-5010	+1 (302) 995-3158
samrozek@ashland.com	ccbrown@ashland.com

Attachment

• Ashland completes sale of land in Canada Final 20220808

FAQ

What was the amount of the land sale by Ashland (ASH)?

Ashland sold approximately six acres of land for CAD 12.25 million.

How much did Ashland receive from the land sale?

Ashland received net proceeds of CAD 9.2 million from the land sale.

What is the purpose of the proceeds from the land sale by Ashland (ASH)?

The proceeds will be used to fund Ashland's newly established environmental trust.

Who purchased the land from Ashland (ASH)?

The land was purchased by Sunray Group of Hotels Inc.

What does Ashland's environmental trust focus on?

The environmental trust is part of Ashland's commitment to environmental, social, and governance (ESG) values.