- Ashland (ASH -0.2%) says plans to spin off its Valvoline business are proceeding as planned, with an IPO of up to 20% of its common stock scheduled for Q4.
- ASH is separating into two independent, publicly traded companies: the new Ashland, composed of Ashland Specialty Ingredients and Ashland Performance Materials, and Valvoline, composed of Ashland's Valvoline business segment.
- ASH says it expects each company to have mid-to-high BB ratings profiles with an optimal level of financial flexibility for each to pursue long-term strategies.
- Now read Ashland: Does the pending spinoff create shareholder value?