WestRock Board of Directors approves tax-free separation of Ingevity
WestRock Company's 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.
ByLesprom Network
Apr 23, 2016. /Lesprom Network/. WestRock Company's 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, as the company said in the press release received by Lesprom Network.
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.”
WestRock Company aspires to be the premier partner and unrivaled provider of paper and packaging solutions in consumer and corrugated markets.
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