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


Interviews View All

Sunil Kumar Sharma, Loknayak JPNSSSG Ltd

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Representatives, Textile & apparel industry

Representatives
Textile & apparel industry

GST is a complicated and lengthy process

Angelina Francesca Cheang, MY ANJE

Angelina Francesca Cheang
MY ANJE

'Consumers in the age-group 21 to 38 are driving the activewear trend'

Carmen Makover,

Carmen Makover

Leading the digital textile printing industry, Israel-based Kornit...

Akshat Chaudhary,

Akshat Chaudhary

Aizome, Asia's first Fairtrade denim brand, is all set to launch next...

Priyanka Salot,

Priyanka Salot

The Sleep Company was established to upgrade the sleep quality of every...

Steve Cole, Xerium Technologies

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Kai Poehler, Voith Paper GmbH & Co. KG

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Steve McCullough & Marco Weichert, Functional Fabric Fair & Design and Development GmbH Textile Consult respectively

Steve McCullough & Marco Weichert
Functional Fabric Fair & Design and Development GmbH Textile Consult respectively

Functional Fabric Fair is a trade-exclusive event showcasing the latest...

Sidharth Sinha, Sidharth Sinha

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Divvya and Nidhhi Gambhir, Walnut

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Igor Chapurin, Chapurin

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

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


November 2019

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

Follow us on instagram

Follow

Follow Fibre2Fashion On


Advanced Search