Investing.com -- Cruiser Capital Advisors called on Ashland Inc. to pursue a sale of the company, adding to pressure from another activist investor who made a similar request earlier this month.

The firm told Ashland's board that while the specialty chemicals company has attractive assets, it lacks the scale needed to maximize shareholder value, according to a letter reviewed by Bloomberg News.

Cruiser Capital Managing Partner Keith Rosenbloom and Director of Research Charles Rose wrote in the Wednesday letter that "a sale is not merely one option among many but the best risk-adjusted path forward."

The activists said Ashland bears the full cost of operating as a standalone public company, including corporate overhead. They argued that potential buyers could reduce these costs and unlock synergies of at least $100 million.

Ashland did not immediately respond to a request for comment.

Earlier this month, activist investor Ancora Alternatives said a sale could increase Ashland's share price by at least 30%. Ancora Alternatives President James Chadwick disclosed that campaign at the Wolfe Research Activist Conference.

Rosenbloom and Rose stated they reached their conclusions independently but found themselves in substantial agreement with Ancora's position.