Home / Knowledge / News / Textiles / Ashland completes final separation of Valvoline Inc
Ashland completes final separation of Valvoline Inc
15
May '17
United States based Ashland Global Holdings Inc., a premier global specialty chemicals company, has announced the completion of the previously announced distribution of 170,000,000 shares of common stock of Valvoline Inc. as a pro rata dividend on shares of Ashland common stock outstanding at the close of business on the record date of May 5, 2017.

Based on the shares of Ashland common stock outstanding as of May 5, 2017, the record date for the distribution, each share of Ashland common stock received 2.745338 shares of Valvoline common stock in the distribution.

"With the separation and distribution now completed, we are fully focused on Ashland's two core priorities for the year - positioning Ashland to deliver against our fiscal 2017 plan and pivoting to become the premier specialty chemicals company," said William A Wulfsohn, Ashland chairman and chief executive officer. "Our work in creating two great companies, each positioned for success, would not have been possible without the tremendous commitment and support from our teams around the world."

Fractional shares of Valvoline common stock were not distributed to Ashland stockholders. Instead, the fractional shares of Valvoline common stock will be aggregated and sold in the open market, with the net proceeds distributed pro rata in the form of cash payments to Ashland stockholders who would otherwise receive Valvoline fractional shares. The distribution was structured to qualify as a tax-free distribution to Ashland stockholders for US federal income tax purposes. Cash received in lieu of fractional shares will, however, be taxable. Ashland stockholders will consult their tax advisors with respect to US federal, state, local and foreign tax consequences of the distribution. (RR)

Fibre2Fashion News Desk – India


Must ReadView All

Top 15 US fashion brands are collectively worth $70 bn

Fashion | On 22nd Jul 2018

Top 15 US fashion brands are collectively worth $70 bn

The top 15 American fashion brands are collectively worth close to...

Courtesy: Covestro

Textiles | On 22nd Jul 2018

Covestro's new products for waterproof textile coating

Covestro, which is among the largest polymer companies, has unveiled...

Evogene, IMAmt to work together in insect resistance

Textiles | On 22nd Jul 2018

Evogene, IMAmt to work together in insect resistance

Evogene, a leading biotechnology company developing novel products...

Interviews View All

Top executives
Textile industry

The foremost issue is bridging the skill gap

C Kamatchisundaram
Voltas

ITME is an occasion not only to receive new leads but also to work on...

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Tejas N Patel, Navin D Patel

Founded in 1999 by Navin Patel in the name of Tejas Fabrics with 100...

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Sandip Bhojani, Manthan Patel

Krypthm Tradelink LLP is a Surat-based manufacturer of westernwear....

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Samar Firdos
Arvind Ltd

<b>Samar Firdos</b>, Chief Manager (Design) at Lifestyle Apparel Denim...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


July 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search