Ashland Inc. recently announced that it will separate its specialty chemicals and Valvoline businesses into two independent, publicly traded companies.
The new Ashland will provide specialty chemical solutions to customers in a wide range of consumer and industrial markets. Key markets and applications will include pharmaceutical, personal care, food and beverage, architectural coatings, adhesives, automotive, construction and energy.
As an independent publicly traded company, Valvoline will focus on growing its network of Valvoline Instant Oil Change stores, leveraging the Valvoline brand across multiple channels to capture new market share, and expanding its presence in Asia, Europe, Latin America and other international markets.
Valvoline currently ranks as the second quick-lube chain and third passenger car motor oil brand in the United States. The brand operates and franchises approximately 940 Valvoline Instant Oil Change service centers in the United States.
Following the separation, William A. Wulfsohn will serve as chairman and CEO of the new Ashland and as non-executive chairman of Valvoline. Sam Mitchell, currently senior vice president of Ashland and president of Valvoline, will serve as Valvoline’s CEO.
"Ashland is fortunate to have two strong, but distinctly different, business platforms with attractive growth opportunities and experienced leadership teams," said Wulfsohn. "We believe that separating into two industry-leading public companies — one focused on specialty chemicals and the other focused on high-performance lubricants — will generate significant value for shareholders by enabling each company to focus on its specific business and strategic priorities."
For more information, visit www.ashland.com.