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Ashland Inc has announced that it is to separate into two independent, publicly traded companies. The announcement follows a comprehensive strategic planning review by the company’s global leadership team.
It also represents the final step in Ashland’s more than a decade-long transformation from an oil refiner and marketer to a speciality chemicals company, during which the company completed dozens of acquisitions and divestitures.
"Ashland is fortunate to have two strong but distinctly different, business platforms with attractive growth opportunities and experienced leadership teams,” said William A Wulfsohn, Ashland Chairman and CEO. "We believe that separating into two industry leading public companies – one focused on speciality 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 the new Ashland, that means becoming a ‘solutions destination’ for a wide range of consumer and industrial customers through the delivery of value-added technology and world-class operations. For Valvoline, it means building the world’s leading engine and automotive maintenance business by providing hands-on expertise to customers around the world.”
Wulfsohn will serve as Chairman and CEO of the new Ashland following the separation, while Luis Fernandez-Moreno, currently Senior VP of Ashland and President of Ashland’s Chemicals Group, will be COO. Kevin Willis, currently Senior VP and CFO of Ashland, will serve in the same capacity in the new Ashland.
