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.

Filed in: Top News Tags: 

You might like:

More people are now checking their credit scores—here’s why that pays More people are now checking their credit scores—here’s why that pays
The Wall Street Journal: Kim Jong Un heads to China, fresh off summit with Trump The Wall Street Journal: Kim Jong Un heads to China, fresh off summit with Trump
Asia Markets: Asian stocks sink, led by Apple suppliers, on Trump’s latest tariff threat Asia Markets: Asian stocks sink, led by Apple suppliers, on Trump’s latest tariff threat
Trump reportedly told Apple that tariffs against China would spare iPhones Trump reportedly told Apple that tariffs against China would spare iPhones
The Wall Street Journal: Trump seeks additional $200 billion in tariffs against China — and threatens even more The Wall Street Journal: Trump seeks additional $200 billion in tariffs against China — and threatens even more
The Wall Street Journal: Beyoncé and Jay-Z’s new album goes to multiple streaming platforms, and is already a hit The Wall Street Journal: Beyoncé and Jay-Z’s new album goes to multiple streaming platforms, and is already a hit
The Wall Street Journal: Disneyland offers sneak peek for a price: $50 an hour The Wall Street Journal: Disneyland offers sneak peek for a price: $50 an hour
The Wall Street Journal: U.S., South Korea cancel major military exercise scheduled for August The Wall Street Journal: U.S., South Korea cancel major military exercise scheduled for August
© 7806 Stock Investors News. All rights reserved. XHTML / CSS Valid.