WestRock Company recently announced that it has successfully completed the separation of its specialty chemicals business, Ingevity Corporation, as an independent public company whose shares are listed on the New York Stock Exchange (NYSE) under the symbol “NGVT”.
Under the terms of the separation, WestRock stockholders received one share of Ingevity common stock for every six common shares of WestRock stock held as of the close of business on May 4, 2016. WestRock stockholders received cash in lieu of fractional NGVT shares.
“We are extremely pleased to complete the separation of Ingevity,” said Steve Voorhees, chief executive officer of WestRock. “Ingevity has the right team and strategy in place, and I am looking forward to following their successes as an independent company.”
NGVT shares will commence trading on the NYSE on May 16, 2016. WestRock will continue to trade on the NYSE under the symbol “WRK.”
With the transaction complete, WestRock expects to maintain its current annual dividend of $1.50 per share.
Ingevity Corporation provides specialty chemicals and high-performance carbon materials and technologies that help customers solve complex problems. These products are used in a variety of demanding applications, including asphalt paving, oil exploration and production, agrochemicals, adhesives, lubricants, publication inks and automotive components that reduce gasoline vapor emissions.