Ashland recently signed a definitive agreement to sell its Avoca business to Mane. The transaction is expected to close in the calendar first quarter 2025, subject to the satisfaction of customary closing conditions.

Ashland's Avoca business supplies Sclareolide, a fragrance fixative, and a range of contract manufacturing capabilities from two production facilities in North Carolina and Wisconsin.  The Avoca business line represents the last entity from Ashland’s previous acquisition of Pharmachem.

“The Avoca business is a strong player in the fragrance fixative space with a dedicated team and attractive manufacturing capabilities to meet customer needs,” said Guillermo Novo, chair and chief executive officer, Ashland. “I want to thank the Avoca employees for their dedication and commitment to Ashland and to our customers.”

Squire Patton Boggs is acting as legal advisor to Ashland.