Ashland Inc. (ASH) said its subsidiary, Hercules Inc, has signed a definitive agreement to sell its refined wood rosin and natural wood terpenes business, formerly known as Pinova, to a new company formed by TorQuest Partners in a transaction valued at approximately $75 million before tax. The proposed asset purchase transaction, for $60 million in cash and a $15 million note from the buyer, includes transfer of the business and the approximately 200 employees supporting it, along with an associated manufacturing facility in Brunswick. The transaction is expected to close within 60 days.
Once the transaction closes, the independent company will operate under the name Pinova.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.