On this page of StockholderLetter.com we present the latest annual shareholder letter from ASHLAND INC. — ticker symbol ASH. Reading current and past ASH letters to shareholders can bring important insights into the investment thesis.
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Hc_p Wf_pcfmjbcpq
M _k njc_qcb rm npcqclr msr qa_j wc_p pcqsjrq _lb
msrjmmi dmp _ wc_p k_picb `w pcamtcpw dpmk npmjmlecb
gltclrmpw bcqrmaigle gl rfc k_rcpg_jq qcarmp [c ucpc _`jc
rm bcjgtcp qrp_rcega npmepcqq k_pegl cvn_lqgml fgef&os_jgrw
dpcc a_qh flmu _lb bgqagnjglcb cvcasrgml _apmqq msp ejm`_j
nmprdmjgm Hcqngrc _ amknjcv mncp_rgle cltgpmlkclr uc
bckmlqrp_rcb msp _`gjgrw rm bpgtc t_jsc rfpmsef nmprdmjgm
mnrgkgx_rgml amkkcpag_j cvacjjclac _lb dmasqcb epmurf gl
msp ampc k_picrq
Ssp cvagrgle ejm`_jgx_rgml glgrg_rgtcq _lb lcu rcaflmjmew
nj_rdmpkq _pc sljmaigle mpe_lga epmurf dmp sq _lb dmp msp
asqrmkcpq umpjbugbc Elb rfcw _pc cl_`jgle asqrmkcpq
rm pcqf_nc ejm`_j kce_rpclbq _lb pcqnmlb rm af_legle
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md gknpmtcb q_jcq _lb npmbsargml tmjskcq n_gpcb ugrf
gknpmtcb npmbsar kgv bsc rm msp nmprdmjgm gknpmtckclr
_argmlq Xfpmsefmsr rfc wc_p msp npsbclr _nnpm_af rm
npmbsargml glapc_qcb mncp_rgle flcvg`gjgrw ufgjc bcjgtcpgle
qgelg a_lr slgr amqr gknpmtckclr
Ssp dmasqcb cvcasrgml bcjgtcpcb qrpmle npm r_`gjgrw ugrf
_bhsqrcb IFMXHE k_peglq cvn_lbgle gl `w `_qgq
nmglrq rm ncpaclr Xfgq ncpdmpk_lac bckmlqrp_rcq msp
_`gjgrw rm bpgtc fgef&os_jgrw c_plgleq ctcl gl _ af_jjclegle
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_bt_lacb _q uc rmmi _argml rm amlqmjgb_rc msp
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npmdg _`jc nmprdmjgm
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qrp_rcega glgrg_rgtcq [c _pc _argtcjw gltcqrgle gl msp ejm`_jgxc
4](/ash/ash-shareholder-letter-20241209-page-4.png)
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fgef&t_jsc cffmprq _lb rfc gllmt_rgml ngncjglc glapc_qcb `w
ncpaclr gl _pc_q ugrf rcaflmjmew _lb k_picr jc_bcpqfgn
Wf_pc pcnspaf_qcq md kgjjgml pcbsagle msp qf_pc
Ssp amkkgrkclr rm qsqr_gl_`gjgrw pc_afcb _ qgelg a_lr
kgjcqrmlc ugrf rfc _nnpmt_j md msp qagclac&`_qcb r_pecrq
gl Sarm`cp Xfgq _afgctckclr _jgelq sq ugrf mtcp
ejm`_j amkn_lgcq jc_bgle gl ajgk_rc _argml Qmpc
gknmpr_lrjw gr nmqgrgmlq sq rm a_nrspc rfc epmugle bck_lb
dmp qsqr_gl_`jc qmjsrgmlq _apmqq msp k_picrq
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flmu eclcp_rgml egtcq sq qrp_rcegc flcvg`gjgrw rm gltcqr gl
epmurf ufgjc k_glr_glgle msp amkkgrkclr rm qf_pcfmjbcp
pcrsplq
Looking Ahead: Strategy and Capital Allocation
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aml bclr msp qrp_rcew nmqgrgmlq sq ucjj rm d_ac lc_p&rcpk
fc_buglbq _lb _bt_lac glgrg_rgtcq rm bcjgtcp jmle&rcpk
qsaacqq [c _pc amkncrgle gl rfc pgefr k_picrq ugrf rfc
pgefr a_n_`gjgrgcq _lb rfc pgefr qrp_rcew Ssp bgtcpqc nmprdmjgm
rcaflga_j jc_bcpqfgn _lb dmasq ml qsqr_gl_`jc qmjsrgmlq
nmqgrgml sq ucjj dmp rfc ctmjtgle lccbq md msp asqrmkcpq
Eq uc kmtc glro qa_j wc_p mtcp_jj slacpr_glrw pck_glq
fgef ugrf k_lw k_apmcamlmkga bwl_kgaq gkn_argle lmr
mljw msp amkn_lw `sr msp glbsqrpw q qr_icfmjbcpq Ijct_rcb
`sr kmbcp_rgle gnfl_rgml qrpsarsp_j af_jjclecq md Ispmnc_l
qsnnjw _ kmbcp_rc k_lsd_arspgle pcamtcpw nmqr&GSZMH
npmjmlecb camlmkga qjmubmul gl Gfgl_ _q ucjj _q pgqgle
rp_bc `_ppgcp rclqgml qseecqr ksrcb bck_lb _lb glapc_qcb
amkncrgrgtc glrclqgrw
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slacpr_glrw uc ugjj qr_w ml qrp_rcew _lb glapc_qc msp dmasq
ml amlrpmjj_`jcq rf_r bpgtc l_lag_j ncpdmpk_lac Ssp
rc_kq pck_gl dmasqcb ml bpgtgle msp qrp_rcew md Ivcasrc
Kjm`_jgxc _lb Mllmt_rc rm bcjgtcp npm r_`jc mpe_lga epmurf
Ssp Ivcasrgml ngjj_p ugjj `c cknf_qgxcb _q uc npm_argtcjw
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npgmpgrgcq _pc ajc_p
amslr `w kgjjgml qf_pcq
Q_glr_glcb msp pcampb md _lls_j bgtgbclb glapc_qcq qglac
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Closing Thoughts
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msp qf_pcfmjbcpq qsnnmpr amlrglscq rm `c rfc dmslb_rgml md
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qf_pcfmjbcp t_jsc ufgjc pcqnmlqg`jw qmjtgle dmp _ `crrcp umpjb
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mnrgkgx_rgml _argmlq _lb qrpclerfcl msp ampc
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tcpqsq j_qr wc_p
Guillermo Novo
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• 
12/9/2024 Letter Continued (Full PDF)
•
12/11/2023 ASH Stockholder Letter
• More "Specialty Chemicals" Category Stockholder Letters
•
ASH Benford's Law Stock Score = 100
12/9/2024 Letter Continued (Full PDF)
•
12/11/2023 ASH Stockholder Letter•
More "Specialty Chemicals" Category Stockholder Letters•
ASH Benford's Law Stock Score = 100ASH Shareholder/Stockholder Letter Transcript:
annual report
scal 2024
responsibly solving for a better world
fgefjgefrq
q_jcq md $2.1 billion bmul ncpaclr
_bhsqrcb
IFMX md
$240 million
sn pmsefjw
_bhsqrcb
IFMX k_pegl
11.4%
sn dpmk
_bhsqrcb ITW +cvajsbgle glr_leg`jc
_kmprgx_rgml,
of $4.45 up 9%
_bhsqrcb
IFMXHE md
$459 million
fl_r
_bhsqrcb
IFMXHE k_pegl
md 21.7%
sn `_qgq nmglrq
JGJ $325 million sn dpmk kgjjgml
bpgtcl `w d_tmp_`jc
umpigle a_ngr_j _lb jmucp a_ngr_j
cvnclbgrspcq
on the cover
Vcnpcqclrcb ml msp amtcp _pc rfc
Eqfj_lb `ge qrp_rcega epmurf
k_picrq Tf_pk_acsrga_j Tcpqml_j
G_pc _lb Gm_rgleq ufgaf f_tc
qrpmle qcasj_p epmurf bpgtcpq
qrp_rcega npgmpgrgcq
gknpmtc lc_p&rcpk ncpdmpk_lac md ampc _lb bpgtc jmle&rcpk epmurf a_r_jwqrq
cvcasrc
ejm`_jgxc
gllmt_rc
_aosgpc
cvn_lb jc_bgle
rcaflmjmew a_n_agrw
fgef&t_jsc npmbsar
qcekclrq
gl icw ecmep_nfgcq
cvgqrgle rcaflmjmew
nj_rdmpkq
bpse bcjgtcpw rcaflmjmegcq
cvgr qcjcar npmbsar 5
`sqglcqq jglcq
cvn_lb `ge
gl Eqg_
lcu rcaflmjmew
nj_rdmpkq
l_rsp_j ; `gmrcaf
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fgef&t_jsc _bbgrgtcq
sustainably shape and grow the portfolio
contents
GIS jcrrcp rm qf_pcfmjbcpq 4
nj_rdmpk rcaflmjmegcq 6
jgdc qagclacq 8
ncpqml_j a_pc 10
qncag_jrw _bbgrgtcq 12
IWK 14
pcqnmlqg`jc qmjtcpqB 16
&O 19
ampnmp_rc emtcpl_lac inside back cover
qf_pcfmjbcp gldmpk_rgml back cover
Xfgq Ells_j Vcnmpr glajsbcq acpr_gl lml&KEET kc_qspcq Wsaf kc_qspckclrq
_pc lmr npcn_pcb gl _aampb_lac ugrf Y W KEET _lb qfmsjb lmr `c amlqrpscb
_q _l _jrcpl_rgtc rm pcnmprcb pcqsjrq bcrcpkglcb gl _aampb_lac ugrf Y W KEET
Q_l_eckclr `cjgctcq rfc sqc md qsaf lml&KEET kc_qspcq _qqgqrq gltcqrmpq
gl slbcpqr_lbgle rfc mlemgle mncp_rgle ncpdmpk_lac md rfc amkn_lw _lb grq
qcekclrq Xfc lml&KEET gldmpk_rgml npmtgbcb k_w lmr `c amlqgqrclr ugrf
rfc kcrfmbmjmegcq sqcb `w mrfcp amkn_lgcq Ejj lml&KEET _kmslrq f_tc
`ccl pcamlagjcb ugrf pcnmprcb Y W KEET pcqsjrq ufgaf _pc glajsbcb gl rfc
Q_l_eckclr q Hgqasqqgml _lb El_jwqgq md Jgl_lag_j Gmlbgrgml _lb Vcqsjrq md
Sncp_rgmlq qcargml md rfgq Ells_j Vcnmpr
Xfgq Ells_j Vcnmpr amlr_glq dmpu_pb&jmmigle qr_rckclrq ugrfgl rfc kc_lgle
md Wcargml E md rfc Wcaspgrgcq Ear md _q _kclbcb _lb Wcargml I md rfc
Wcaspgrgcq Ivaf_lec Ear md _q _kclbcb Xfcqc dmpu_pb&jmmigle qr_rckclrq
_pc lmr fgqrmpga_j d_arq _lb eclcp_jjw _pc gbclrg cb `w umpbq qsaf _q _lrgagn_rcq
`cjgctcq cqrgk_rcq cvncarq gq jgicjw npcbgarq npmhcarq dmpca_qrq k_w
ugjj qfmsjb _lb glrclbq _lb rfc lce_rgtc md rfcqc umpbq mp mrfcp amkn_p_`jc
rcpkglmjmew Ejrfmsef Eqfj_lb `cjgctcq rf_r grq cvncar_rgmlq _pc `_qcb ml
pc_qml_`jc _qqsknrgmlq qsaf cvncar_rgmlq _pc qs`hcar rm pgqiq _lb slacpr_glrgcq
rf_r _pc bgffiasjr rm npcbgar _lb k_w `c `cwmlb Eqfj_lb q amlrpmj Tjc_qc qcc Mrck
E Vgqi J_armpq _lb Yqc md cqrgk_rcq pgqiq _lb slacpr_glrgcq gl Rmrc E md Rmrcq
rm Gmlqmjgb_rcb Jgl_lag_j Wr_rckclrq gl rfgq Ells_j Vcnmpr Yljcqq jce_jjw pcosgpcb
Eqfj_lb slbcpr_icq lm m`jge_rgml rm snb_rc _lw dmpu_pb&jmmigle qr_rckclrq
k_bc gl rfgq Ells_j Vcnmpr ufcrfcp _q _ pcqsjr md lcu gldmpk_rgml dsrspc ctclrq
mp mrfcpugqc
TBMFT
MJGF TDJFODFT
QFSTPOBM DBSF
TQFDJBMUZ
BEEJUJWFT
JOUFSNFEJBUFT
"TIMBOE
BEKVTUFE &#*5%"
MJGF TDJFODFT
QFSTPOBM DBSF
TQFDJBMUZ
BEEJUJWFT
JOUFSNFEJBUFT
"TIMBOE
BEKVTUFE &#*5%" NBSHJO
MJGF TDJFODFT
QFSTPOBM DBSF
TQFDJBMUZ
BEEJUJWFT
JOUFSNFEJBUFT
"TIMBOE
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rfgq Ells_j Vcnmpr pcamlagjcq _bhsqrcb _kmslrq rm _kmslrq pcnmprcb slbcp KEET glajsbgle pcamlagjg_rgmlq md lcr glamkc rm IFMXHE _lb _bhsqrcb
IFMXHE mncp_rgle glamkc rm _bhsqrcb mncp_rgle glamkc glamkc dpmk amlrglsgle mncp_rgmlq rm _bhsqrcb glamkc dpmk amlrglsgle mncp_rgmlq bgjsrcb
c_plgleq ncp qf_pc rm _bhsqrcb bgjsrcb c_plgleq ncp qf_pc _lb _bhsqrcb bgjsrcb c_plgleq ncp qf_pc cvajsbgle _kmprgx_rgml cvnclqc
dpmk msp
Gf_gp _lb GIS
Hc_p Wf_pcfmjbcpq
M _k njc_qcb rm npcqclr msr qa_j wc_p pcqsjrq _lb
msrjmmi dmp _ wc_p k_picb `w pcamtcpw dpmk npmjmlecb
gltclrmpw bcqrmaigle gl rfc k_rcpg_jq qcarmp [c ucpc _`jc
rm bcjgtcp qrp_rcega npmepcqq k_pegl cvn_lqgml fgef&os_jgrw
dpcc a_qh flmu _lb bgqagnjglcb cvcasrgml _apmqq msp ejm`_j
nmprdmjgm Hcqngrc _ amknjcv mncp_rgle cltgpmlkclr uc
bckmlqrp_rcb msp _`gjgrw rm bpgtc t_jsc rfpmsef nmprdmjgm
mnrgkgx_rgml amkkcpag_j cvacjjclac _lb dmasqcb epmurf gl
msp ampc k_picrq
Ssp cvagrgle ejm`_jgx_rgml glgrg_rgtcq _lb lcu rcaflmjmew
nj_rdmpkq _pc sljmaigle mpe_lga epmurf dmp sq _lb dmp msp
asqrmkcpq umpjbugbc Elb rfcw _pc cl_`jgle asqrmkcpq
rm pcqf_nc ejm`_j kce_rpclbq _lb pcqnmlb rm af_legle
pcesj_rmpw j_lbqa_ncq
Ml J] uc _afgctcb q_jcq md `gjjgml Stcp_jj mpe_lga
q_jcq tmjskcq ucpc sn dmp rfc wc_p af_p_arcpgxcb `w
bcqrmaigle c_pjw gl rfc wc_p _lb _ qsqr_glcb qcamlb&f_jd
pcamtcpw Ssp nmprdmjgm mnrgkgx_rgml _argmlq gknpmtcb rfc
os_jgrw md rfc `sqglcqq `w pcbsagle jmucp&k_pegl kmpc
tmj_rgjc q_jcq [c cvncpgclacb qmdrcp npgagle mtcp_jj `sr
rfc rc_k k_glr_glcb npgac tcpqsq tmjskc bgqagnjglc gl _
amkncrgrgtc p_u k_rcpg_j bcfl_rgml_pw cltgpmlkclr
Q_peglq gknpmtcb _q rfc wc_p npmepcqqcb npgk_pgjw _ pcqsjr
md gknpmtcb q_jcq _lb npmbsargml tmjskcq n_gpcb ugrf
gknpmtcb npmbsar kgv bsc rm msp nmprdmjgm gknpmtckclr
_argmlq Xfpmsefmsr rfc wc_p msp npsbclr _nnpm_af rm
npmbsargml glapc_qcb mncp_rgle flcvg`gjgrw ufgjc bcjgtcpgle
qgelg a_lr slgr amqr gknpmtckclr
Ssp dmasqcb cvcasrgml bcjgtcpcb qrpmle npm r_`gjgrw ugrf
_bhsqrcb IFMXHE k_peglq cvn_lbgle gl `w `_qgq
nmglrq rm ncpaclr Xfgq ncpdmpk_lac bckmlqrp_rcq msp
_`gjgrw rm bpgtc fgef&os_jgrw c_plgleq ctcl gl _ af_jjclegle
cltgpmlkclr
Jpmk _ nmprdmjgm ncpqncargtc msp gknpmtckclr glgrg_rgtcq
_bt_lacb _q uc rmmi _argml rm amlqmjgb_rc msp
a_p`mvwkcrfwj acjjsjmqc +GQG, _lb kcrfwj acjjsjmqc
+QG, glbsqrpg_j `sqglcqq jglcq gl _bbgrgml rm qcjjgle msp
lsrp_acsrga_jq `sqglcqq gl Esesqr I_af cffmpr u_q _lmrfcp
qgelg a_lr qrcn gl msp nj_l rm apc_rc _ kmpc pcqgjgclr _lb
npmdg _`jc nmprdmjgm
[c clf_lacb msp rc_kq _lb a_n_`gjgrgcq rm npmepcqq msp
qrp_rcega glgrg_rgtcq [c _pc _argtcjw gltcqrgle gl msp ejm`_jgxc
4
`sqglcqqcq ufgaf bcjgtcpcb _tcp_ec pctclsc epmurf md
ncpaclr gl J] _r fgef&os_jgrw npm r_`gjgrw Ssp gllmt_rc
qrp_rcega npgmpgrw npcqclrq sq ugrf rfc kmqr nmucpdsj epmurf
a_r_jwqr mnnmprslgrw emgle dmpu_pb Ssp rc_kq dmasqcb ml
fgef&t_jsc cffmprq _lb rfc gllmt_rgml ngncjglc glapc_qcb `w
ncpaclr gl _pc_q ugrf rcaflmjmew _lb k_picr jc_bcpqfgn
Wf_pc pcnspaf_qcq md kgjjgml pcbsagle msp qf_pc
Ssp amkkgrkclr rm qsqr_gl_`gjgrw pc_afcb _ qgelg a_lr
kgjcqrmlc ugrf rfc _nnpmt_j md msp qagclac&`_qcb r_pecrq
gl Sarm`cp Xfgq _afgctckclr _jgelq sq ugrf mtcp
ejm`_j amkn_lgcq jc_bgle gl ajgk_rc _argml Qmpc
gknmpr_lrjw gr nmqgrgmlq sq rm a_nrspc rfc epmugle bck_lb
dmp qsqr_gl_`jc qmjsrgmlq _apmqq msp k_picrq
Xfis l_lag_j qrpclerf amk`glcb ugrf msp fc_jrfw dpcc a_qf
flmu eclcp_rgml egtcq sq qrp_rcegc flcvg`gjgrw rm gltcqr gl
epmurf ufgjc k_glr_glgle msp amkkgrkclr rm qf_pcfmjbcp
pcrsplq
Looking Ahead: Strategy and Capital Allocation
[fgjc rfc cvrcpl_j cltgpmlkclr npcqclrq af_jjclecq M _k
aml bclr msp qrp_rcew nmqgrgmlq sq ucjj rm d_ac lc_p&rcpk
fc_buglbq _lb _bt_lac glgrg_rgtcq rm bcjgtcp jmle&rcpk
qsaacqq [c _pc amkncrgle gl rfc pgefr k_picrq ugrf rfc
pgefr a_n_`gjgrgcq _lb rfc pgefr qrp_rcew Ssp bgtcpqc nmprdmjgm
rcaflga_j jc_bcpqfgn _lb dmasq ml qsqr_gl_`jc qmjsrgmlq
nmqgrgml sq ucjj dmp rfc ctmjtgle lccbq md msp asqrmkcpq
Eq uc kmtc glro qa_j wc_p mtcp_jj slacpr_glrw pck_glq
fgef ugrf k_lw k_apmcamlmkga bwl_kgaq gkn_argle lmr
mljw msp amkn_lw `sr msp glbsqrpw q qr_icfmjbcpq Ijct_rcb
`sr kmbcp_rgle gnfl_rgml qrpsarsp_j af_jjclecq md Ispmnc_l
qsnnjw _ kmbcp_rc k_lsd_arspgle pcamtcpw nmqr&GSZMH
npmjmlecb camlmkga qjmubmul gl Gfgl_ _q ucjj _q pgqgle
rp_bc `_ppgcp rclqgml qseecqr ksrcb bck_lb _lb glapc_qcb
amkncrgrgtc glrclqgrw
Ml _l cltgpmlkclr ugrf kmbcp_rc epmurf _lb cjct_rcb
slacpr_glrw uc ugjj qr_w ml qrp_rcew _lb glapc_qc msp dmasq
ml amlrpmjj_`jcq rf_r bpgtc l_lag_j ncpdmpk_lac Ssp
rc_kq pck_gl dmasqcb ml bpgtgle msp qrp_rcew md Ivcasrc
Kjm`_jgxc _lb Mllmt_rc rm bcjgtcp npm r_`jc mpe_lga epmurf
Ssp Ivcasrgml ngjj_p ugjj `c cknf_qgxcb _q uc npm_argtcjw
pcqnmlb rm af_jjclegle k_picr amlbgrgmlq Ssp qrp_rcega
npgmpgrgcq _pc ajc_p
amslr `w kgjjgml qf_pcq
Q_glr_glcb msp pcampb md _lls_j bgtgbclb glapc_qcq qglac
Tpcqcptcb fgef&os_jgrw jctcp_ec kcrpgaq
Closing Thoughts
Xfc bcbga_rgml md msp cknjmwccq msp asqrmkcpq rpsqr _lb
msp qf_pcfmjbcpq qsnnmpr amlrglscq rm `c rfc dmslb_rgml md
msp qsaacqq Eq uc cvcasrc msp qrp_rcew uc pck_gl dmasqcb
ml bcjgtcpgle qsqr_gl_`jc npmdg _`jc epmurf _lb jmle&rcpk
qf_pcfmjbcp t_jsc ufgjc pcqnmlqg`jw qmjtgle dmp _ `crrcp umpjb
Xf_li wms dmp wmsp amlrglscb qsnnmpr md Eqfj_lb
Wglacpcjw
Ivcasrc _bt_lagle mncp_rgml_j npmbsargtgrw _lb
amqr q_tgleq glgrg_rgtcq rm mffqcr qrp_lbcb amqrq dpmk
mnrgkgx_rgml _argmlq _lb qrpclerfcl msp ampc
Kjm`_jgxc jctcp_egle pcaclr gltcqrkclrq rm _bt_lac
kmkclrsk gl msp `gmdslargml_jq kgapm`g_j npmrcargml
glhcar_`jcq _lb nf_pk_ jk am_rgleq `sqglcqq jglcq
Mllmt_rc j_slafgle lcu npmbsarq ugrfgl msp qa_j_`jc
rcaflmjmew nj_rdmpkq
Eqfj_lb q a_ngr_j _jjma_rgml bgqagnjglc _lb qrpmlg l_lag_j
dmslb_rgml gq ctgbclr gl qctcp_j icw _afgctckclrq gl J]
Kclcp_rcb qrpmle mlemgle dpcc a_qh flmu sn ncpaclr
tcpqsq j_qr wc_p
Guillermo Novo
Gf_gp _lb Gfgcd Ivcasrgtc Sffiacp
Eqfj_lb
12/9/2024 Letter Continued (Full PDF)