Valvoline to pursue separation of Retail Services and Global Products; prelim FY2021 sales $3B

VALVOLINE INC

Preliminary FY2021 sales of $3B (+27% YoY); adjusted EBITDA and adjusted EPS within prior guidance.
Retail Services segment sales $1.2B (+38%); system-wide same-store sales up 21% for the year.
Global Products segment sales $1.8B (+20%); #1 supplier of battery fluids to EV manufacturers.
No timetable set for separation; Goldman Sachs & Cravath advising the company.

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