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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