Ashland’s revenue comes from four business segments and reached $2.3 billion in 2022. Currently, 91% of its business is split evenly between its pharmaceutical, coatings and personal care businesses, and the company expects its extensive technology pipeline to help sustain annual revenue growth of 5-6%. .
Nova pointed to four key strategies that will determine the company’s overall future path. Its strategy includes strengthening its technological capabilities, globalizing its high-value product segments with a particular focus on Asia, and focusing on investments in both new and existing technologies. We are also active in acquisitions in key growth opportunity areas, particularly biotechnology and naturals.
The Personal Care business has three main focus areas: first, continuing to expand our leadership in the supply of oral, hair and skin care ingredients, and second, continuing to expand our offerings in the natural and naturally derived category. The key is to continue to strengthen it. , the third will focus on the transition to environmental, social and governance (ESG) initiatives.
A completely new technology platform
With a focus on technology, the company used the Innovation Day to highlight its reimagined technology platform, including five new areas across the business with a particular focus on the personal care sector.
The five new platforms are converted vegetable oils, novel cellulose derivatives, superwetting agents, liquid cellulose, and biorepairable polymers. In addition, his two future platforms, which are still in development, are multifunctional starches and Ph neutralizers specific to the personal care sector.
Mr. Osama Musa, Senior Vice President and Chief Technology Officer, discussed the new technology platform and highlighted how it is expected to provide a key driver for future business growth and development. In particular, he emphasized that innovative vegetable oil technology has the potential to significantly impact all business sectors, especially the personal care sector.
A new approach to mixing oil and water
“Vegetable oils have very unique properties that make them appealing because they have a wide range of properties. They are all natural, renewable, microplastic-free, biodegradable, non-GMO, and vegan.”Musa said.
However, vegetable oils have traditionally been difficult for formulators to work with due to their hydrophobic properties, but this problem has been solved by innovative vegetable oil technology.
“What we’ve done with this ingredient is change the myths and physical properties of vegetable oils and take them to the next level. Oil and water are not typically hydrophobic, so traditionally they don’t mix well. This tool opens a huge door for personal care, meaning we can offer our customers the option of adjusting the water solubility of vegetable oils to suit their requirements.”
“We have already launched three products from our innovative vegetable oil platform, two in skin care and one in oral care, which shows that this technology is real and not just a pipe dream. We are emphasizing.” Musa said. “We have already launched three new products on this platform, two in skin care and one in oral care. What these products have in common is that they are all completely natural and biodegradable. That’s the thing.”
The importance of integrating sustainability
Nova also talked about how important sustainability is to the company’s future position, how it has become a key part of innovation, and how it will help the company meet its customers’ goals. I emphasized how useful it is.
“Sustainability will be a big theme for our business and will dictate the direction of our innovation.”Nova said.
“Currently, we have a very healthy starting point for our portfolio, as more than 60% of our portfolio is highly sustainable. This means we can help our customers achieve their sustainability goals. For us, our commitment to sustainability is not a burden, but an opportunity. This is a way we can innovate and add value. We believe we can improve performance through innovation.”
During a fireside chat after Innovation Day, Senior Vice President Ming Chong said: Personal Care and Specialty Additives explains how sustainability is especially important in the beauty and personal care space, and how sustainability is critical to the direction of this part of Ashland’s business. I explained what the factors were. However, it also highlighted how sustainability is a concept that is integrated into business strategy and how it must be adapted.
“Recently, one of our largest personal care customers visited our Bridgewater facility, and they were visiting a technology group, not a purchasing group.”Chung said.
“They spent the whole day with us, talking about performance and sustainability, of course, but also how to find the right balance with the goal of making sustainability palatable to the end consumer. .”
