Ashland. announced that it has signed a definitive agreement to sell its nutraceuticals business to Turnspire Capital Partners LLC (Turnspire). The transaction is expected to close in the calendar third quarter 2024, subject to the satisfaction of customary closing conditions.

Ashland's nutraceuticals business supplies a broad portfolio of active ingredients and formulation aids to nutritional product companies, as well as custom formulation and contract manufacturing capabilities for the nutrition market, from four production facilities in New Jersey and Utah in the United States, and Tamaulipas, Mexico.

“The nutraceuticals business has a strong portfolio of proprietary ingredients, formulation and manufacturing capabilities, and a dedicated team that has demonstrated a passion to grow over the years,” said Guillermo Novo, Chair and Chief Executive Officer, Ashland. “I want to thank the employees for their dedication and commitment to Ashland and to our customers.”

Citi is acting as financial advisor to Ashland. Cravath, Swaine & Moore LLP is acting as legal advisor to Ashland.