The Wall Street Journal: Valvoline files for IPO as part of Ashland reorganization

Ashland Inc. on Tuesday filed to reorganize as a public holding company and separate its Valvoline business, key steps in Ashland’s previously announced plans to split in two by year’s end.

The proposed reorganization, subject to shareholders’ approval, would move the legal headquarters of the holding company, Ashland Global Holdings Inc., to Delaware. Ashland ASH, -0.72%  is currently based in Kentucky.

Meanwhile, Valvoline Inc., which would include the engine and automotive maintenance business based on the Valvoline lubricant brand, on Tuesday filed initial documents for an initial public offering. The resulting company will list on the New York Stock Exchange under the ticker symbol VVV.

The preliminary filing indicates Valvoline would raise up to $100 million, a figure used to calculate filing fees but that is often changed. Other details weren’t provided, such as the amount of shares to be sold.

Valvoline, the first trademarked motor oil in the U.S., traces its roots to 1866.

An expanded version of this report appears on WSJ.com.

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