Valvoline Inc

NYSE:VVV   3:59:55 PM EDT
-0.61 (-2.11%)
4:56:09 PM EDT: $28.04 -0.22 (-0.78%)
Divestitures / Spin-offs, Other Pre-Announcement

Valvoline Announces Agreement For Sale Of Global Products Business For $2.65 Bln In Cash

Published: 08/01/2022 10:42 GMT
Valvoline Inc (VVV) - Valvoline Announces Agreement for Sale of Global Products Business for $2.65 Billion in Cash.
Expects to Use Estimated $2.25 Billion in Net Cash Proceeds From Global Products Sale to Accelerate Return of Capital to Shareholders.
Also Expects to Use Estimated Net Cash Proceeds From Global Products Sale to Reduce Debt and Invest in Retail Services Business.
Preliminary Revenue for Fiscal Q3 2022 of $957 Million, Reported Diluted EPS of $0.55 and Adjusted EPS of $0.58.
Will Procure Motor Oil and Related Products From Global Products Business Through a Long-term Supply Agreement.
Valvoline - Upon Close, to Own Valvoline Brand for All Retail Services Purposes Globally, Excluding China, Certain Countries in Middle East, North Africa.
Valvoline, Operating Solely As a Retail Services Business, Will Be Led by Sam Mitchell, Ceo, and Lori Flees, President.
Following Closing of Transaction, Aramco Will Own Valvoline Brand for All Products Uses Globally.
Valvoline - Based on Currently Available Information, Expects Retail Services Sales of About $1.5 Billion in Fiscal 2022, Up More Than 20% From Fiscal 2021.
Q3 Earnings per Share View $0.56, Revenue View $935.2 Million -- Refinitiv Ibes Data (analyst estimates).