ASHLAND GLOBAL HOLDINGS INC. (NYSE:ASH) Files An 8-K Other Events
Item 8.01.Regulation FD Disclosure
On March 20, 2018, Ashland Global Holdings Inc. (“Ashland” or the “Company”) announced that it will explore strategic alternatives for its Composites segment and for the butanediol (BDO) manufacturing facility in Marl, Germany, and related merchant Intermediates and Solvents (I&S) products.Ashland intends to evaluate all options with respect to these assets, including a potential sale.
In addition, the Board of Directors authorized a new $1 billion common stock repurchase program, effective immediately. This new authorization replaces the Company’s previous repurchase program, which had $500 million remaining. Under the new program, the Company's common shares may be repurchased in open market transactions, privately negotiated transactions or to one or more accelerated stock repurchase programs or Rule 10b5-1 plans.
A copy of the news release is attached to this Form 8-K as Exhibit 99.1, and is incorporated herein by reference solely for purposes of this Item 8.01 disclosure.
Item 9.01.Financial Statements and Exhibits
(d) |
Exhibits |
99.1 |
News Release datedMarch 20, 2018. |
Forward-Looking Statements
This Current Report on Form 8-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Ashland has identified some of these forward-looking statements with words such as “anticipates,” “believes,” “expects,” “estimates,” “is likely,” “predicts,” “projects,” “forecasts,” “objectives,” “may,” “will,” “should,” “plans” and “intends” and the negative of these words or other comparable terminology. Ashland may from time to time make forward-looking statements in its annual reports, quarterly reports and other filings with the SEC, news releases and other written and oral communications. These forward-looking statements are based on Ashland’s expectations and assumptions, as of the date such statements are made, regarding Ashland’s future operating performance and financial condition, as well as the economy and other future events or circumstances. Ashland’s expectations and assumptions include, without limitation, internal forecasts and analyses of current and future market conditions and trends, management plans and strategies, operating efficiencies and economic conditions (such as prices, supply and demand, cost of raw materials, and the ability to recover raw-material cost increases through price increases), and risks and uncertainties associated with the following:the potential strategic alternatives for its Composites segment and for the butanediol (BDO) manufacturing facility in Marl, Germany, and related merchant Intermediates and Solvents (I&S) products (including, in each case, the possibility that a transaction may not occur or that, if a transaction does occur, Ashland may not realize the anticipated benefits from such transaction), the impact of acquisitions and/or divestitures Ashland has made or may make, including the acquisition of Pharmachem (including the possibility that Ashland may not realize the anticipated benefits from such transactions); Ashland’s substantial indebtedness (including the possibility that such indebtedness and related restrictive covenants may adversely affect Ashland’s future cash flows, results of operations, financial condition and its ability to repay debt); Ashland’s ability to generate sufficient cash to finance its stock repurchase plans; the potential that Ashland does not realize all of the expected benefits of the separation of its Valvoline business; the potential that the Tax Cuts and Jobs Act enacted on December 22, 2017, will have a negative impact on Ashland’s financial results; and
severe weather, natural disasters, cyber events and legal proceedings and claims (including product recalls, environmental and asbestos matters). Various risks and uncertainties may cause actual results to differ materially from those stated, projected or implied by any forward-looking statements, including, without limitation, risks and uncertainties affecting Ashland that are described in Ashland’s most recent Form 10-K (including Item 1A Risk Factors) filed with the SEC, which is available on Ashland’s website at http://investor.ashland.com or on the SEC’s website at http://www.sec.gov. Ashland believes its expectations and assumptions are reasonable, but there can be no assurance that the expectations reflected herein will be achieved. Unless legally required, Ashland undertakes no obligation to update any forward-looking statements made in this Current Report on Form 8-K whether as a result of new information, future events or otherwise.
ASHLAND GLOBAL HOLDINGS INC Exhibit
EX-99.1 2 ash-ex991_6.htm EX-99.1 ash-ex991_6.htm EXHIBIT 99.1 News Release Ashland to explore strategic alternatives for Composites and for BDO manufacturing facility in Marl,…
To view the full exhibit click here