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Ashland Inc. (NYSE: ASH) is a premier global specialty chemicals company that serves a wide range of consumer and industrial markets. With a workforce of nearly 7,000 passionate professionals, including renowned scientists, research chemists, talented engineers, and plant operators, Ashland thrives on developing practical, innovative, and elegant solutions to complex problems for customers in more than 100 countries.
Operating in four distinct segments—Life Sciences, Personal Care, Specialty Additives, and Intermediates—Ashland is a key supplier to pharmaceutical companies, manufacturers of personal care products, food and beverages, nutraceuticals, and supplements. The Life Sciences segment generates the highest revenue, reflecting the company’s strong focus on this area.
Recently, Ashland announced significant organizational changes within its finance, strategy, mergers and acquisitions (M&A), and portfolio teams. The company has also issued its first-quarter financial results for fiscal year 2024 and outlined its outlook for the second quarter and full year. Ashland's leadership positions in high-quality, consumer-focused markets such as pharmaceuticals, personal care, and architectural coatings underline its commitment to excellence.
Ashland continues to foster gender equity and empowerment by spotlighting inspirational female employees, particularly in recognition of International Women’s Day. The company recently increased its support for greenlight4girls, a global initiative to inspire girls in STEM fields.
In line with its strategic goals, Ashland has signed a definitive agreement to sell its nutraceuticals business to Turnspire Capital Partners LLC. The transaction, expected to close in the third quarter of 2024, is subject to customary closing conditions.
For the latest updates and more detailed information, visit the official Ashland website and the Investor Relations section.
Turnspire Capital Partners has completed the acquisition of Pharmachem Innovations from Ashland Inc. (NYSE: ASH). Pharmachem is a leading provider of proprietary nutrition ingredients and custom formulation services for the nutraceuticals industry. The company has approximately 500 employees across four production facilities in the US and Mexico.
As part of the acquisition, Maurice Murphy has been appointed Executive Chairman, and Jeff Rogers as Interim CEO. Both executives bring significant experience in private equity-owned businesses and the nutraceuticals sector. Turnspire aims to leverage its expertise in transforming corporate carve-outs to capitalize on growth opportunities in Pharmachem's markets.
Pharmachem Innovations, has launched as an independent company following its acquisition from Ashland, Inc. (NYSE: ASH) by Turnspire Capital Partners The company, headquartered in Kearny, NJ, is a leading provider of nutraceuticals products and solutions with manufacturing facilities in the US and Mexico.
Maurice Murphy has been named Executive Chairman, while Jeff Rogers joins as Interim CEO. Pharmachem aims to accelerate growth through customer partnerships and investments in new capabilities. The company produces proprietary and private-labeled products for various health applications and offers custom formulation and contract manufacturing services.
Ashland Inc. (NYSE: ASH) has announced a quarterly cash dividend of $0.405 per share on its common stock. The dividend will be paid on September 15, 2024, to stockholders of record as of September 1, 2024. As of July 31, 2024, Ashland had 48,832,846 outstanding shares of common stock. This decision by the board of directors demonstrates the company's commitment to returning value to shareholders and may indicate confidence in Ashland's financial stability and future prospects.
Ashland (NYSE: ASH) reported Q3 2024 financial results, ending June 30. Sales reached $544 million, slightly down from $546 million YoY. Net income plummeted to $6 million, or $0.12 per share, compared to $50 million the previous year. Income from continuing operations was $31 million, down from $42 million, while adjusted income excluding intangibles amortization was $75 million, up from $65 million. Adjusted EBITDA grew 5% to $139 million.
Cash flows from operating activities totaled $128 million, with free cash flow at $112 million. The company repurchased 1.3 million shares, leaving $770 million in buyback authorization. Ashland predicts Q4 sales of $530-$540 million and full-year guidance at $2.1 billion in sales and $465-$475 million in adjusted EBITDA.
Segments saw mixed performance: Life Sciences sales dropped 11%, Personal Care rose 20%, Specialty Additives decreased 1%, and Intermediates fell 16%. The company's optimization initiatives are expected to impact future revenue and operations.
Ashland Inc. (NYSE: ASH) has announced its schedule for the fiscal 2024 third-quarter earnings release and conference call webcast. The earnings release will be issued on Tuesday, August 6, 2024, at approximately 5 p.m. ET. The live webcast with securities analysts will take place on Wednesday, August 7, at 10 a.m. ET.
Key participants in the webcast presentation include Guillermo Novo (Chair and CEO), Kevin Willis (SVP and CFO), and William Whitaker (VP Finance and Director of Investor Relations). A slide presentation will be available in the Investor Relations section of Ashland's website. The webcast and supporting materials will be accessible for 12 months after the live event.
Ashland (NYSE: ASH) announced on June 24, 2024, that Omar Irani will join the company as Vice President of Strategy, Mergers and Acquisitions, and Portfolio Management starting July 22, 2024. Reporting directly to CEO Guillermo Novo, Irani brings extensive experience in strategy, profit improvement, and commercial excellence. His background includes leadership roles at SI Group, National Refrigerants, Honeywell, and ILC Dover, with a focus on rubber additives, life sciences, and industrial chemicals markets. Irani has a strong academic foundation with an MBA in Finance and a BA in Biological Sciences from Rutgers University.
Ashland (NYSE:ASH) has achieved certification as a Global Living Wage Employer by the Fair Wage Network (FWN). Through rigorous analysis and data review, Ashland assessed and remediated pay gaps among its 3,800 global employees, ensuring wages meet or exceed living wage standards. This certification underscores Ashland's commitment to equitable compensation and supports its environmental, social, and governance (ESG) goals. The process involved anonymous compensation data reviews and employee surveys across various regions. CEO Guillermo Novo emphasized the company's dedication to fair wages and equal pay.
Ashland (NYSE: ASH) announced the appointment of Alessandra Faccin as senior vice president and general manager of its Life Sciences division, effective June 10, 2024. Faccin brings over 20 years of experience in global industrial and manufacturing industries, having most recently served as president of Sealed Air , Asia Pacific. She has a broad financial background and has held leadership roles at Dow Chemical and Rohm & Haas. Faccin's educational background includes a Bachelor's in business administration from Fundação Getúlio Vargas and an Executive MBA from Universidade de São Paulo, along with certifications from The Wharton School and Villanova University.
Ashland Inc. (NYSE: ASH) appoints Ashish K. Kulkarni, CEO of Kebotix, to its Board of Directors. Kulkarni brings vast experience from leading companies, enhancing innovation, growth, and profitability. The Board expands to 11 members with his addition.
Ashland Inc. (ASH) board of directors has approved a quarterly dividend of $0.405 per share, marking a five percent increase from the prior quarter. The dividend will be paid on June 15, 2024, to stockholders on record as of June 1, 2024. As of April 30, 2024, there were 50,128,349 shares of Ashland common stock outstanding.
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