Speciality chemicals manufacturer Ashland is facing renewed calls to put itself up for sale after activist investor Cruiser Capital Advisors urged the company’s board to begin a formal strategic review, according to a report by Bloomberg.
In a letter sent to directors on Wednesday, Cruiser Capital argued that Ashland’s portfolio of businesses would generate greater value under new ownership. The investment firm believes the company lacks the scale needed to maximise returns as an independent public business and says a sale offers the strongest opportunity to enhance shareholder value.
Cruiser Capital’s Managing Partner Keith Rosenbloom and Director of Research Charles Rose said Ashland’s standalone corporate structure creates significant overhead costs that could be reduced by a larger strategic or financial buyer. According to the firm, potential acquirers could unlock cost synergies exceeding $100m.
The campaign follows similar calls from activist investor Ancora Alternatives, which earlier this month suggested that a sale could lift Ashland’s share price by at least 30%. Cruiser Capital said it independently reached the same conclusion and shares Ancora’s assessment that a transaction would be in shareholders’ best interests.
Ashland, which supplies specialty additives and ingredients used across industries including pharmaceuticals and personal care, has faced earnings pressure in recent months. The company reported net income of $16 million for the quarter ended 31 March, down 48% from the same period a year earlier.
A company spokesperson said Ashland regularly engages with shareholders and welcomes feedback on its strategy. The spokesperson added that the board continually reviews opportunities to create long-term value and will act in the best interests of the company and all shareholders.
Investor speculation surrounding a potential takeover has helped support Ashland’s stock. After declining 18% during 2025, the shares have gained nearly 10% so far this year. They rose about 4.4% in Thursday trading to around $67.16, valuing the company at roughly $3 billion, after earlier reaching a new 52-week high.
Cruiser Capital believes there is meaningful interest in Ashland from both strategic buyers and private equity firms, noting that one industrial investor with a history of acquiring companies in which it initially held minority stakes is already a shareholder. The firm said the current market presents an attractive opportunity to pursue a transaction.
The activist investor is calling on Ashland to appoint independent financial advisers, launch a formal review of strategic alternatives and conduct a competitive sale process involving both corporate acquirers and private equity bidders. It also urged the board to avoid pursuing acquisitions or mergers that could complicate a sale.
Cruiser Capital warned that if the board has not begun a credible sale process by 15 September, it intends to nominate an alternative slate of directors in a proxy contest.
The investment firm has previously targeted Ashland. In 2018, it argued the company was undervalued and sought board representation. The two sides reached a settlement the following year that resulted in the appointment of a Cruiser-backed director.
