Specialty chemicals company Ashland Global Holdings Inc. ASH, -2.60% said Tuesday it is reviewing options for its composites segment, along with a butanediol (BDO) manufacturing facility in Marl, Germany. BDO is a colorless liquid that is used as a solvent or in the manufacturing of plastics and elastic fibers. "Ashland intends to evaluate all options with respect to these assets, including a potential sale," the company said in a statement. It will retain its BDO plant in Lima, Ohio, to ensure it had a supply for its own needs. The company said it would use the proceeds of any deal for debt reduction and to buy back shares. The company's board has approved a new $1 billion share buyback program. Shares rose 3% premarket, and have gained 21% in the last 12 months, while the S&P 500 SPX, -1.42% has gained 14%.