{"id":534257,"date":"2021-09-03T07:03:17","date_gmt":"2021-09-03T11:03:17","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/ashland-announces-450-million-accelerated-share-repurchase-program\/"},"modified":"2021-09-03T07:03:17","modified_gmt":"2021-09-03T11:03:17","slug":"ashland-announces-450-million-accelerated-share-repurchase-program","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/ashland-announces-450-million-accelerated-share-repurchase-program\/","title":{"rendered":"Ashland announces $450 million accelerated share repurchase program"},"content":{"rendered":"
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WILMINGTON, Del,, Sept. 03, 2021 (GLOBE NEWSWIRE) — Ashland Global Holdings, Inc.\u00a0(NYSE: ASH) today announced that it has entered into an uncollared accelerated share repurchase (ASR) agreement with JPMorgan Chase Bank, National Association, to repurchase an aggregate of\u00a0$450 million\u00a0of Ashland common stock, with an initial delivery of approximately 3.9 million shares. The program is subject to the $1 billion share repurchase program authorized by Ashland Board of Directors on March 15, 2018 from which $800 million is outstanding.<\/p>\n

\u201cToday\u2019s announcement reflects the board of directors\u2019 confidence and commitment to deliver shareholder value through disciplined capital allocation,\u201d said Guillermo Novo, chairman and chief executive officer, Ashland. \u201cAshland\u2019s strong balance sheet, compelling free cash flow generation and net proceeds from a performance adhesives sale affords substantial investment in our key business strategies and growth initiatives as well as the ability to return capital to shareholders.\u201d<\/p>\n

The ASR agreement is scheduled to terminate no later than\u00a0March 31, 2022 but may be terminated early in certain circumstances. JPMorgan Chase Bank, National Association may be required to deliver additional shares of common stock to Ashland, or under certain circumstances, Ashland may be required to deliver shares of common stock or to make a cash payment, at its election.<\/p>\n

\n About\u00a0Ashland<\/strong>\u00a0
Ashland Global Holdings Inc. (NYSE: ASH) is a premier specialty materials company with a conscious and proactive mindset for sustainability. The company serves customers in a wide range of consumer and industrial markets, including adhesives, architectural coatings, automotive, construction, energy, food and beverage, nutraceuticals, personal care and pharmaceutical. Approximately 4,200 passionate, tenacious solvers \u2013 from renowned scientists and research chemists to talented engineers and plant operators \u2013 thrive on developing practical, innovative and elegant solutions to complex problems for customers in more than 100 countries. Visit www.ashland.com<\/u><\/a> and www.ashland.com\/sustainability<\/u><\/a> to learn more.\u00a0<\/p>\n

\n Forward-Looking Statements <\/strong>
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This news release 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 \u201canticipates,\u201d \u201cbelieves,\u201d \u201cexpects,\u201d \u201cestimates,\u201d \u201cis likely,\u201d \u201cpredicts,\u201d \u201cprojects,\u201d \u201cforecasts,\u201d \u201cobjectives,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201cplans\u201d and \u201cintends\u201d 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 U.S. Securities and Exchange Commission (SEC), news releases and other written and oral communications. These forward-looking statements are based on Ashland\u2019s expectations and assumptions, as of the date such statements are made, regarding Ashland\u2019s future operating performance, financial condition, and expected effects of the COVID-19 pandemic on Ashland\u2019s business, as well as the economy and other future events or circumstances. These statements include but may not be limited to Ashland\u2019s expectations regarding its ability to drive sales and earnings growth and realize further cost reductions. These statements include, but may not be limited to, statements about the stock repurchase programs, including the expected completion dates and dollar amounts of the repurchase. Various risks and uncertainties may cause actual results to differ materially from those stated, projected or implied by any forward-looking statements, including Ashland\u2019s ability to generate sufficient cash to finance its stock repurchase program, any delay in the receipt of regulatory approvals for the sale of the performance adhesives business and or delay in the satisfaction of other closing conditions. The extent and duration of the COVID-19 pandemic on our business and operations is uncertain. Factors that will influence the impact on our business and operations include, without limitation, risks and uncertainties affecting Ashland that are described in its most recent Form 10-K (including Item 1A Risk Factors) filed with the SEC, which is available on Ashland\u2019s website at http:\/\/investor.ashland.com or on the SEC\u2019s 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 news release whether because of new information, future events or otherwise. Information on Ashland\u2019s website is not incorporated into or a part of this news release.<\/p>\n

\u2122 Trademark, Ashland or its subsidiaries, registered in various countries.<\/p>\n

\n FOR FURTHER INFORMATION:<\/strong>\n <\/p>\n

Investor Relations:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Media Relations:
Seth A. Mrozek\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Carolmarie C. Brown
+1 (302) 594-5010\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 +1 (302) 995-3158
samrozek@ashland.com<\/u><\/a>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 ccbrown@ashland.com<\/u><\/a><\/p>\n

\n Attachment<\/strong>\n <\/p>\n