Ashland says split of Valvoline remains on track

摘要

Ashland said on Wednesday that its previously announced plan to spin off its Valvoline motor oil and automotive maintenance segment as a separate publicly traded company into two entities remains on track to be completed during the fourth quarter of this year. Ashland plans to pursue an IPO of up to 20% of the common stock of Valvoline as a first step in the separation and expects that it would distribute the remaining common stock of Valvoline to Ashland's shareholders upon expiration of the IPO lock-up, which typically happens six months after the completion of the IPO. Ashland says it expects to file a registration statement for Valvoline with SEC in "mid-calendar year 2016."