Tuesday, May 17, 2016 10:30 am

NORCROSS, Georgia -- WestRock Company says it has successfully completed the separation of its specialty chemicals business, Ingevity Corporation.

Under the terms of the separation, WestRock stockholders received one share of Ingevity common stock for every six common shares of WestRock stock held as of the close of business on May 4, 2016.WestRock stockholders received cash in lieu of fractional NGVT shares.

"We are extremely pleased to complete the separation of Ingevity," said Steve Voorhees, CEO WestRock. "Ingevity has the right team and strategy in place, and I am looking forward to following their successes as an independent company."

With the transaction complete, WestRock expects to maintain its current annual dividend of $1.50 per share.

WestRock Company is an American corrugated packaging company. It was formed in May 2015 after regulators approved the merger ofMeadWestvaco and RockTenn.