WestRock Announces Completion of Ingevity Separation
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WestRock, Richmond, Vir.., USA, announced Monday (May 16) that the company has successfully completed the separation of its specialty chemicals business, Ingevity Corp., 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.. WestRock stockholders received cash in lieu of fractional NGVT shares.
"We are extremely pleased to complete the separation of Ingevity," said Steve Voorhees, CEO 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.
