Ashland Inc. (NYSE: ASH) announced it has appointed William G. Dempsey, a long-time pharmaceutical industry executive, to its board of directors.
Dempsey previously served in various executive positions with Abbott Laboratories from 1982-2007, including executive vice president of global pharmaceuticals from 2006, senior vice president of pharmaceutical operations from 2003 and senior vice president of international operations from 1999. He currently serves as a director of Landauer Inc. (NYSE: LDR) and Hill-Rom Holdings (NYSE: HRC).
He also served on the board of Hospira, Inc. through September 2015 and Nordion, Inc. through 2014. Dempsey has previously served as chairman of the International Section of the Pharmaceutical Research and Manufacturers of America (PhRMA) and as chairman of the Accelerating Access Initiative, a cooperative public-private partnership of UNAIDS, the World Bank and six research-based pharmaceutical companies. He also previously served as member of the Salvation Army Advisory Board in Chicago. Dempsey continues to serve on the board of trustees for the Guadalupe Center in Immokalee, Florida.
“Bill’s significant experience within the pharmaceutical industry – a core growth market for Ashland – as well as within international operations makes him an ideal addition to the Ashland board,” said William A. Wulfsohn, Ashland chairman and chief executive officer. “We believe his strategic insights and industry perspective will prove valuable as we position Ashland to be the world’s premier specialty chemicals company.”
At its board of directors meeting Ashland Inc, based in Covington, also declared a quarterly cash dividend of $0.39 per share on the company’s common stock.
The dividend is payable September 15, 2016, to shareholders of record at the close of business on August 19, 2016. As of June 30, 2016, there were 62,076,093 shares of Ashland common stock outstanding.
The company also announced that its indirect, wholly owned subsidiary, Valvoline Finco Two LLC (“Valvoline Finco”), has closed its previously announced offering of $375 million aggregate principal amount of 5.500% senior notes due 2024 (the “Notes”). This offering marks a significant milestone in Ashland’s previously announced plan to separate into two independent, publicly traded companies: Ashland Global Holdings Inc., composed of Ashland Specialty Ingredients and Ashland Performance Materials, and Valvoline Inc., composed of Ashland’s Valvoline business segment.
The Notes are unsecured unsubordinated obligations of Valvoline Finco. Following the contribution of the Valvoline business to Valvoline Inc. (“Valvoline”), Valvoline Finco will merge with and into Valvoline, and Valvoline will assume all of Valvoline Finco’s obligations under the Notes. The Notes are initially guaranteed on an unsecured basis by Ashland (the “Ashland Guarantee”). The Ashland Guarantee will automatically be released upon Valvoline’s assumption of the Notes.
Valvoline Finco intends to transfer the net proceeds of the offering (after deducting initial purchasers’ discounts and other fees and expenses) to Ashland. Ashland intends to use such net proceeds to repay borrowings under its senior unsecured credit facilities.
From Ashland Inc. Investor Relations
