WestRock Company announced today 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 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.
Source: WestRock
The investment enables the steam cracker to increase the share of renewable and recycled raw materials used in its (ethylene and propylene) production. The move supports the Borealis Strategy 2030 for a circular economy. The Porvoo investment program is expected to be completed in 2025.
Murray Auchincloss, bp’s CEO, said in a statement: “As I set out in February, BP’s destination from IOC [international oil company] to IEC [integrated energy company] is unchanged – and we need to deliver as a simpler, more focused, and higher-value company.
Founded in 1972, Tecnofilm has expanded its product portfolio over the years to offer a wider range of compounds and functional polymers for various industrial applications and technical articles. The company has patented several of its products.