Ashland Inc.’s (NYSE:ASH) renowned quick lube providing brand, Valvoline Instant Oil Change (“VIOC”), has allied with Carfax, a vehicle history expert unit of IHS Inc. (NYSE:IHS) , to ensure that customers are aware of open market recalls on their vehicles. Beginning in the next few months, VIOC will check all the cars it services to inform owners of any open market recall on them, with information provided on mycarfax.com.
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VIOC, which services over 35,000 vehicles daily from all its centers combined, concluded from a sample analysis that nearly 1 in every 4 cars has an open market recall. Moreover, Carfax found that most car owners were unaware of these recalls. It put the approximate number of cars having an unfixed open market recall on them in excess of 47 million. This service by VIOC will send an email to the car owners if their vehicle has such a recall, powered by VIN information. They will then be redirected to the Carfax website for further details.
Rob Stravitz, VP Marketing at VIOC and Vern Poyner, general manager at Carfax, have attempted this joint effort to ensure safety on the streets. The collaboration to optimize the services of their businesses will help customers get maintenance and repairs from the authorized dealers on time.
Ashland’s Valvoline segment performed exceptionally in the second quarter of fiscal 2016 (ended Mar 31, 2016). The segment reported growth in EBITDA for the tenth consecutive quarter. Though volume in the segment improved 8%, sales remained relatively flat year over year at $479 million, hurt by currency headwinds. The segment accounted for roughly 40% of the company’s total sales.
The company’s shares rose roughly 1.5% in the trading session last Friday, closing the day at $112.83.
Ashland offers specialty chemicals in more than 100 countries. With the closure of its Water Technologies unit sale in 2014, the company now has three commercial units – Specialty Ingredients, Performance Materials and Valvoline.
VIOC service centers offer a stay-in-your-car solution for preventive maintenance needs. These include full-service oil change, transmission, radiator, gearbox and air-conditioning services, tire rotation, wiper blade, air filter, light bulb and serpentine belt replacement.
Ashland had earlier announced its decision to divide the company into two separately traded public companies, the New Ashland, comprising the Ashland Specialty Ingredients and Ashland Performance Materials segments, and Valvoline, consisting of the Valvoline segment. The separation is expected to provide both the companies with financial flexibility to achieve its long-term objectives. Moreover, Valvoline Company will have a set of core shareholders and the separation will facilitate industry specific research and expansion for the business.
Ashland currently carries a Zacks Rank #3 (Hold).
Some better-ranked companies in the specialty chemical space include Daqo New Energy Corp. (NYSE:DQ) , sporting a Zacks Rank #1 (Strong Buy) and Chemtura Corporation (NYSE:CHMT) , carrying a Zacks Rank #2 (Buy).
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