Valvoline to Split Retail Services, Global Products Segments
Oct. 13, 2021—Valvoline Inc. on Tuesday announced it is pursuing a separation of its Retail Services and Global Products segments.
The company is working with outside advisors on the separation according to a news release, and no timeline has been set. Valvoline will not release any more information about the split until the transaction is complete unless otherwise determined by the board of directors.
"Our confidence in separating these two strong businesses reflects the tremendous progress we have made in our strategic transformation," CEO Sam Mitchell said. "The separation will allow Retail Services to continue its growth and focus on leveraging its world class service model. Global Products is a market leading, high cash generating business, which we believe will thrive well into the future with the opportunity to focus and allocate capital to its own strategic priorities."
The company will report full FY21 results on Nov. 3 and is expecting around a 25 percent increase in sales compared to 2020.