21st century
A monumental change came in 2005, when Ashland sold its shares of the petroleum joint venture to Marathon Oil,[16] effectively dissolving the remnants of their petroleum division. After the sale, the company was no longer involved in the refining or marketing of fuels. The original oil refinery in Catlettsburg, Kentucky, is still in operation to date, owned and operated by Marathon. In 2006, Ashland sold APAC (the paving and construction division) to the Oldcastle Materials subsidiary of Oldcastle, Inc. of Dublin, Ireland.[17]
Ashland purchased the adhesive and emulsions divisions of Air Products and Chemicals, Inc. in 2008.[18][19] and announced plans to acquire Hercules, Inc. in July 2008, for $3.3 billion.[20] On November 13, 2008, the transaction was completed.[21]
In July 2010 Ashland merged its foundry chemicals activity with Süd-Chemie of Munich, Germany, to form ASK Chemicals L.P. with headquarters in Dublin, Ohio.
In November 2010 Ashland announced plans to sell its distribution business known as Ashland Distribution to TPG Capital for $930 million.[22] The Ashland Distribution business had been a part of Ashland since 1969 when it was known as Ashland Chemical. With revenues of $3.4 billion, the Ashland Distribution business had approximately 2,000 employees across North America and Europe, and entered the China plastics market in 2009.[22] The sale was finalized April 1, 2011, with a final sale price of US$979 million. The new privately held company was named Nexeo Solutions, which was subsequestly purchased by Univar in 2019 to create Univar Solutions.[23][24]
In May 2011 Ashland announced that it had bought the privately owned company International Specialty Products, Inc. (ISP) for $3.2 billion. ISP is a supplier of specialty chemicals and performance-enhancing products for consumer and industrial markets.[25]
In 2014, Ashland Water Technologies was sold to a private equity fund managed by Clayton, Dubilier & Rice.[26]
In May 2017, Ashland spun off its Valvoline business as Valvoline, Inc. (NYSE:VVV), the final step of reorganizing itself as a global specialty chemicals company.[27]
In January 2019, Ashland struck a deal with activist investor Cruiser Capital Advisors, which had planned to mount a proxy fight to replace four board directors. Instead, the two parties reached an agreement involving a consulting role for one of Cruiser's director nominees and more input regarding future board appointees.[28]
In October 2019, Ashland announced Guillermo Novo would succeed William A. Wulfsohn as chairman and chief executive officer.[29]
