LEXINGTON, Ky., July 30,
2024 /PRNewswire/ -- Valvoline Inc. (NYSE:
VVV), the quick, easy, trusted leader in preventive automotive
maintenance, today announced that its board of directors authorized
the Company to repurchase up to $400
million of its common stock.
"This new share repurchase authorization reflects the confidence
in our strategy and ability to generate strong free cash flow,"
said Lori Flees, President and CEO
of Valvoline. "We remain committed to a disciplined capital
allocation framework to grow the business, lower leverage within
target range, and then return excess free cash flow to
shareholders."
The timing and amount of any repurchases of common stock will be
solely at the discretion of the Company and is subject to general
business and market conditions, as well as other factors. The
authorization permits the Company to make repurchases of its common
stock from time to time in open market or privately negotiated
transactions, including accelerated share repurchase transactions
and the use of Rule 10b5-1 trading plans. The authorization has no
expiration date.
About Valvoline Inc.
Valvoline Inc. (NYSE: VVV),
is the quick, easy, trusted leader in automotive preventive
maintenance. Valvoline Inc. is creating shareholder value by
driving the full potential in our core business, accelerating
network growth and innovating to meet the needs of customers and
the evolving car parc. With approximately 1,900 service centers
throughout North America,
Valvoline Inc. and the Company's franchise partners keep customers
moving with our 4.6 out of 5 star* rated service that includes
15-minute stay-in-your-car oil changes; battery, bulb and wiper
replacements; tire rotations; and other manufacturer recommended
maintenance services. In fiscal year 2023, Valvoline's network
delivered approximately 27 million services to generate
$1.4 billion in revenue from
$2.8 billion in system-wide store
sales, marking 17 years of consecutive system-wide same-store sales
growth. At Valvoline Inc., it all starts with our people, including
our more than 10,000 team members and strong, long-standing
franchise partners. We are proud to be a eleven-time winner of the
BEST Award for training excellence and a top-rated franchisor
in our category by Entrepreneur and Franchise
Times. To learn more, or to find a service center near you,
visit vioc.com.
Forward-Looking Statements
Certain statements herein, other than statements of historical
fact, are forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Such
forward-looking statements may include, without limitation,
executing on its growth strategy to create shareholder value by
driving the full potential in the Company's core business,
accelerating network growth and innovating to meet the needs of
customers and the evolving car parc; realizing the benefits from
the sale of Global Products; and future opportunities for the
remaining stand-alone retail business; and any other statements
regarding Valvoline's future operations, financial or operating
results, capital allocation, debt leverage ratio, anticipated
business levels, dividend policy, anticipated growth, market
opportunities, strategies, competition, and other expectations and
targets for future periods. Valvoline has identified some of these
forward-looking statements with words such as "anticipates,"
"believes," "expects," "estimates," "is likely," "predicts,"
"projects," "forecasts," "may," "will," "should," and "intends,"
and the negative of these words or other comparable terminology.
These forward-looking statements are based on Valvoline's current
expectations, estimates, projections, and assumptions as of the
date such statements are made and are subject to risks and
uncertainties that may cause results to differ materially from
those expressed or implied in the forward-looking statements.
Additional information regarding these risks and uncertainties are
described in the Company's filings with the Securities and Exchange
Commission (the "SEC"), including in the "Risk Factors,"
"Management's Discussion and Analysis of Financial Condition and
Results of Operations," and "Quantitative and Qualitative
Disclosures about Market Risk" sections of Valvoline's most
recently filed periodic reports on Forms 10-K and 10-Q, which are
available on Valvoline's website at
http://investors.valvoline.com/sec-filings or on the SEC's
website at http://www.sec.gov. Valvoline assumes no obligation to
update or revise these forward-looking statements for any reason,
even if new information becomes available in the future, unless
required by law.
* Based on a survey of more than 900,000 Valvoline Instant
Oil Change℠ customers annually
TM Trademark, Valvoline Inc., or its subsidiaries,
registered in various countries
SM Service mark, Valvoline Inc., or its
subsidiaries, registered in various countries
FURTHER INFORMATION
Investor Inquiries
Elizabeth B.
Russell
+1 (859) 357-3155
IR@valvoline.com
Media Inquiries
Angela Davied
media@valvoline.com
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SOURCE Valvoline Inc.