Ashland (ASH) to Divest Nutraceuticals Business to Turnspire

Group 1: Company Overview - Ashland Inc. announced an agreement to sell its nutraceuticals business to Turnspire Capital Partners LLC, with the deal expected to close in the third quarter of 2024, pending standard closing conditions [1] - The nutraceuticals business provides a range of active ingredients and formulation aids, along with custom formulation and contract manufacturing services, operating from four production sites in the U.S. and Mexico [1] Group 2: Financial Performance - In the second quarter of fiscal 2024, Ashland reported profits of $120 million or$2.39 per share, with adjusted earnings per share dropping to $1.27 from$1.43 year-over-year [2] - Sales for the quarter totaled $575 million, reflecting a 4.6$560 and $580 million and anticipates adjusted EBITDA in the range of$138-$148 million [2] - The company forecasts full fiscal year sales between$2,150 million and $2,225 million, with adjusted EBITDA expected to be between$470 million and $500 million [2] Group 3: Stock Performance - Ashland's shares have increased by 10.5% over the past year, contrasting with a 10.2% decline in the industry [2] - The company currently holds a Zacks Rank 3 (Hold) [3]