International. Ashland announced that its Board of Directors has approved proceeding with a plan to separate Ashland into two independent, publicly traded companies.
The announcement follows a comprehensive review strategically planned by the company's global leadership team to better understand Ashland's markets, customers and opportunities for each business to create maximum value for shareholders, customers and employees.
It also represents the latest step in Ashland's more than decade-long transformation from an oil refinery and commercialization to a specialty chemicals company, during which the company has completed dozens of acquisitions and divestitures.
The new Ashland hopes to be one of the world leaders in providing specialty chemical solutions to customers in a wide range of industrial and consumer markets. These markets are currently served by Ashland's Chemicals Group, which comprises Ashland Specialty Ingredients and Ashland Performance Materials. Key markets and applications include pharmaceuticals, personal care, food and beverage, architectural coatings, adhesives, automotive, construction, and energy.
Together, these companies generated approximately $3.6 billion in sales for the 12 months ending June 30, 2015.
Wulfsohn will serve as president and CEO of the new Ashland after the separation, while Luis Fernandez-Moreno, Ashland's current senior vice president and president of the Chemicals Group, will be the new company's chief operating officer. Kevin Willis, currently senior vice president and chief financial officer, will serve in the same capacity at the new Ashland.
