UPDATE: Citi Assumes Valvoline (VVV) at Buy
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Valvoline Announces Agreement for Sale of Global Products Business for $2.65 Billion in Cash
August 1, 2022 6:30 AM EDTReports Preliminary Financial Results for Fiscal Third Quarter 2022
Transaction will successfully complete separation of Global Products and Retail Services businesses transforming Valvoline into a pure-play automotive service provider with targeted 20%+ earnings per share (EPS) growthValvoline to capitalize on highly compelling growth opportunities, while accelerating Retail Services evolution as hybrid and electric vehicle (EV) population growsValvoline expects to use estimated $2.25 billion in net cash proceeds from Global Products sale to accelerate return of capital to shareholders, reduce debt and invest in Retail Services businessPreliminary revenue... More