MWV Specialty Chemicals to be named as Ingevity
The separation is expected to be executed by means of a tax-free spinoff of the Specialty Chemicals business to shareholders of WestRock Company
MWV Specialty Chemicals business of WestRock Company has been renamed as Ingevity with the business slated to be spun off as an independent, publicly-traded company around the end of the year.
The separation is expected to be executed by means of a tax-free spinoff of the Specialty Chemicals business - which develops and delivers high performance chemicals and materials - to shareholders of WestRock Company, resulting in two independent, publicly traded companies – Ingevity and WestRock.
In January 2015, Rock-Tenn Company and MeadWestvaco Corporation (MWV) agreed to merge their businesses in a deal worth about $16 billion leading to a creation of a consumer and corrugated packaging company, now known as WestRock. Prior to the merger MWV had two major business divisions – packaging and special chemicals. It was decided that upon the completion of merger deal, MWV Specialty Chemicals will be spun off into a separate entity.
The separation is expected to be executed by means of a tax-free spinoff of the Specialty Chemicals business - which develops and delivers high performance chemicals and materials - to shareholders of WestRock Company, resulting in two independent, publicly traded companies – Ingevity and WestRock.
In January 2015, Rock-Tenn Company and MeadWestvaco Corporation (MWV) agreed to merge their businesses in a deal worth about $16 billion leading to a creation of a consumer and corrugated packaging company, now known as WestRock. Prior to the merger MWV had two major business divisions – packaging and special chemicals. It was decided that upon the completion of merger deal, MWV Specialty Chemicals will be spun off into a separate entity.
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First Published: Jul 16 2015 | 2:47 PM IST