COVINGTON, KY – Ashland Inc. has closed the sale of its global distribution business, known as Ashland Distribution, to Nexeo Solutions LLC, an affiliate of TPG Capital, for a purchase price of approximately $979 million in cash, including an adjustment for estimated closing net working capital, plus the assumption of certain specified liabilities.

Commenting on the transaction, Chairman and Chief Executive Officer James J. O’Brien said, “This transaction signifies our sharpened focus as a high-performing specialty chemicals company. It also is consistent with our overall goal to return maximum long-term value to our shareholders.”

Effective with the divestiture, approximately 42 percent of Ashland’s sales are now derived from outside North America, with nearly 20 percent originating in the high-growth regions of Latin America and Asia Pacific.