THE WOODLANDS, TEXAS (Oct. 26, 3:40 p.m. ET) — Nexeo Solutions LLC, the former Ashland distribution business, has moved executive offices from Dublin, Ohio, to The Woodlands, Texas, sources familiar with the move told Plastics News.
According to an Oct. 25 news release from The Woodlands Development Co. — a subsidiary of the Howard Hughes Corp. of Dallas — Nexeo recently signed a lease for the top three floors of a new, nine-story office building, 3 Waterway Square Place, that will be built in 2013 and 2013 in The Woodlands, a suburb of Houston.
Nexeo's portion of the building totals 64,026 square feet, according to the release. Nexeo chose to relocate senior executives to Texas from Ohio because of the quality of life, including retail, restaurants, hotels and entertainment, Alex Sutton president of the development firm, said in the release.
Nexeo's operations center will remain in Dublin, a suburb of Ohio's capital, Columbus sources said. Nexeo officials were unavailable for comment.
San Francisco-based TPG Capital LP acquired Ashland distribution in April for $979 million from Dublin-based Ashland Inc.
Nexeo ranks as one of North America's largest distributors of resins and chemicals, with about 2,000 employees and 2010 sales of $3.4 billion.
The unit operates 132 warehouses in North America and 14 in Europe, and also operates a 1,000-vehicle fleet.