Ashland acquire Schulke & Mayr's personal care business

Ashland to acquire Schulke & Mayr's personal care business

4:47 AM, 25th January 2021
Ashland-Schulke
A portfolio company of the global investment organization EQT, Schulke & Mayr GmbH's office in Germany. (File Photo)

WILMINGTON, US: Ashland Global Holdings Inc said it has signed a definitive agreement to acquire the personal care business from Schulke & Mayr GmbH, a portfolio company of the global investment organization EQT.

Ashland will pay €262.5 million in an all-cash transaction, which is expected to be completed before the end of the June quarter. The transaction will be funded with bank financing and available cash and become immediately accretive to Ashland's earnings per share.

The acquisition is consistent with Ashland’s strategic positioning as a premier specialty additives supplier and strengthens the company’s consumer business portfolio.

“This is an excellent example of the type of bolt-on acquisition opportunities that will help advance our strategy and support the profitable growth of our core businesses,” said Guillermo Novo, chairman and chief executive officer, Ashland. “I am excited about having the Schulke & Mayr personal care employees join Ashland to help us broaden our breadth of specialty additives solutions and expand our biotechnology and microbiology technical capabilities.”

The move also advances Ashland’s environmental, social and governance (ESG) agenda for personal care and household applications.

“This acquisition further aligns our portfolio with the ‘clean beauty’ trend in the personal care industry and helps us solve for a new generation of consumers who are shifting to products with milder and safer ingredients. Our combined biotechnology competencies further strengthen our ability to create new sustainable solutions in broader fields of application,” Novo added.
Citi is acting as financial advisor to Ashland, and Squire Patton Boggs LLP is acting as legal advisor.

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