04.22.16
WestRock Company announced that its Board of Directors has approved the completion of the separation of its specialty chemicals business from the remaining businesses of WestRock to form Ingevity Corporation. The planned separation, which is expected to be tax-free to WestRock stockholders, except with respect to fractional shares, is expected to be completed on May 15, 2016.
“Today’s announcement is a major milestone in the completion of our spin-off of WestRock’s specialty chemicals business,” said Steve Voorhees, CEO of WestRock. “The separation of Ingevity from WestRock will create an independent, publicly traded specialty chemicals company. We expect Ingevity to have the foundation and focus to sustain and grow its business to generate exceptional long-term returns for its stockholders.”
The separation will occur by means of a pro-rata distribution of all of the stock of Ingevity to WestRock stockholders. In the distribution, WestRock stockholders will receive one share of Ingevity common stock for every six common shares of WestRock held as of the close of business on May 4, 2016, the record date for the distribution. Subject to the satisfaction of the conditions to the distribution, the distribution is expected to occur on May 15, 2016. No fractional shares of Ingevity will be issued. Stockholders will receive cash in lieu of fractional shares.
Beginning on or about May 2, 2016, it is expected that “when-issued” trading will begin for shares of Ingevity common stock on the New York Stock Exchange (NYSE) under the ticker symbol “NGVT.WI”. Ingevity common shares are expected to begin “regular way” trading on May 16, 2016 on the NYSE under the ticker symbol “NGVT”.
“Today’s announcement is a major milestone in the completion of our spin-off of WestRock’s specialty chemicals business,” said Steve Voorhees, CEO of WestRock. “The separation of Ingevity from WestRock will create an independent, publicly traded specialty chemicals company. We expect Ingevity to have the foundation and focus to sustain and grow its business to generate exceptional long-term returns for its stockholders.”
The separation will occur by means of a pro-rata distribution of all of the stock of Ingevity to WestRock stockholders. In the distribution, WestRock stockholders will receive one share of Ingevity common stock for every six common shares of WestRock held as of the close of business on May 4, 2016, the record date for the distribution. Subject to the satisfaction of the conditions to the distribution, the distribution is expected to occur on May 15, 2016. No fractional shares of Ingevity will be issued. Stockholders will receive cash in lieu of fractional shares.
Beginning on or about May 2, 2016, it is expected that “when-issued” trading will begin for shares of Ingevity common stock on the New York Stock Exchange (NYSE) under the ticker symbol “NGVT.WI”. Ingevity common shares are expected to begin “regular way” trading on May 16, 2016 on the NYSE under the ticker symbol “NGVT”.