Jan 27 Valvoline motor oil maker Ashland Inc
reported a 2 percent rise in quarterly profit and the
company said it would cut up to 1,000 jobs as part of a
Ashland, which is under pressure from activist investor Jana
Partners to boost shareholder value, also said it plans to move
another 1,000 jobs to existing lower-cost centers.
The restructuring is likely to save $150 million to $200
million annually, the company said on Monday.
Ashland expects the majority of the savings to start during
the first half of its fiscal 2015.
Jana Partners held 8.58 percent stake in Ashland as of
November, according to Thomson Reuters data.
Ashland also said its business would now consist of three
units - specialty ingredients, performance materials and
The company said in July it planned to sell its water
technologies unit and Reuters reported in November that the
Ashland was in talks with at least seven potential buyers.
Profit from continuing operations rose to $111 million, or
$1.42 per share, for the first quarter ended Dec. 31, from $102
million, or $1.27 per share, a year earlier.
On an adjusted basis, earnings were $1.42 per share.
Revenue remained flat at $1.9 billion.
Analysts on average had expected a profit $1.31 per share,
on revenue of $1.87 billion, according to Thomson Reuters
Ashland shares closed at $95.29 on the New York Stock
Exchange. They have gained nearly 11 percent in the last year.