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.