Ashland completes sale of Section 1 Hercules Redevelopment Plan for land located in Sayreville, NJ to Parlin Section 1 Urban Renewal, LLC for $40 million

Rhea-AI Summary

Ashland Global Holdings (NYSE: ASH) has completed the sale of approximately 77.8 acres of land in Sayreville, NJ, under the Hercules Redevelopment Plan to Parlin Section 1 Urban Renewal, LLC, for a total of $40 million. The net proceeds are estimated at $38.5 million. This initiative aligns with Ashland's strategy to utilize unutilized land to fund an environmental trust, reinforcing the company’s commitment to environmental, social, and governance (ESG) values.

Positive

• Sale of unutilized land generates $38.5 million in net proceeds.
• Funding will support an environmental trust, enhancing Ashland's ESG commitment.

Negative

• None.

Ashland proceeds will fund environmental trust

WILMINGTON, Del., June 22, 2022 (GLOBE NEWSWIRE) -- Ashland Global Holdings Inc. (NYSE: ASH) today announced it has completed the sale of Section 1 of the Hercules Redevelopment Plan, approximately 77.8 acres of land located in Sayreville, NJ, to Parlin Section 1 Urban Renewal, LLC, an affiliate of Trammell Crow Company, in a transaction valued at $40 million with net proceeds estimated at $38.5 million.

Previously, Ashland communicated that it would sell unutilized land to fund an environmental trust.

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

About Ashland 
Ashland Global Holdings 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.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 FNL 20220622

FAQ

What is the significance of Ashland's recent land sale on June 22, 2022?

The sale of approximately 77.8 acres for $40 million allows Ashland to fund an environmental trust, reinforcing its ESG commitments.

How much did Ashland receive in net proceeds from the land sale?

Ashland received an estimated net proceeds of $38.5 million from the land sale.

Who purchased the land from Ashland in the recent transaction?

The land was sold to Parlin Section 1 Urban Renewal, LLC, an affiliate of Trammell Crow Company.

What will the proceeds from Ashland's land sale be used for?

The proceeds will be used to fund an environmental trust as part of Ashland's ESG strategy.