DUBLIN, Ohio, March 31, 2011 /PRNewswire/ -- Nexeo Solutions, LLC began operations today as an independent global chemicals, plastics, composites and environmental services distribution company following the closing of the sale of the global distribution business of Ashland Inc. (NYSE: ASH) to affiliates of TPG Capital (TPG), a global private investment firm.
"Our goal is to be the preferred global distribution partner for suppliers and customers worldwide," said David Bradley, CEO, Nexeo Solutions. "To achieve that goal, we'll endeavor to do more than just deliver great products from the most trusted producers in the world. We'll also work to add value through product customization, technical expertise, best-in-class logistics support and a continued commitment to safety and compliance."
As a stand-alone company that is exclusively in the business of connecting customers and suppliers of chemicals, plastics, composites and environmental services, Nexeo Solutions will dedicate 100% of its time, energy, talents, and resources toward improving and expanding its service offering.
Kevin Burns, partner at TPG, said, "We are pleased to partner with the Nexeo management team and invest in the company's growth. TPG has a history of helping former divisions thrive as independent companies and brings deep experience in chemicals and distribution."
"Nexeo Solutions launches as one of the leading global distribution companies with a reputation for excellence and history of strong performance," added Dan Smith, Chairman, Nexeo Solutions. "I am excited to help build this valuable franchise."
Nexeo Solutions is a privately owned and operated company with approximately 2,000 employees across North America, Europe and Asia. The fiscal 2010 reported annual revenue for Ashland Distribution was $3.4 billion.
SOURCE Nexeo Solutions, LLC