NORCROSS, Ga., Sept. 30, 2015 (GLOBE NEWSWIRE) -- WestRock Company (NYSE:WRK) today announced that John Fortson has been named chief financial officer of Ingevity, the company's specialty chemicals business that is expected to become a publicly traded company early next year as the result of a spin-off from WestRock. He will join the company October 12, 2015.
"Having previously served as a public company CFO and treasurer, John will bring strong financial leadership and experience to Ingevity," said Steve Voorhees, chief executive officer of WestRock. "He has a proven track record of operational and financial management, as well as capital markets experience, that will help the new company thrive as a publicly traded entity early next year."
Voorhees continued, "With the addition of John as chief financial officer, CEO Michael Wilson has an outstanding team of leaders with the experience necessary to make Ingevity successful for its customers, employees and shareholders."
Mr. Fortson comes to Ingevity from AAR Corporation, a leading global aviation and aerospace company, where he served as CFO and treasurer. Prior to joining AAR, he held a number of leadership positions with Bank of America Merrill Lynch, including managing director of the Industrials Group. He holds a bachelor of science degree from the United States Military Academy at West Point, and a master of business administration degree from Duke University's Fuqua School of Business.
WestRock Company (NYSE:WRK) aspires to be the premier partner and unrivaled provider of paper and packaging solutions in consumer and corrugated markets. WestRock's 42,000 team members support customers around the world from approximately 275 operating and business locations spanning North America, South America, Europe and Asia. Learn more at www.westrock.com.
Ingevity is a performance chemicals and materials business focused on turning complex challenges into powerful possibilities. The business is dedicated to advancing technologies in the oilfield, pavement, carbon and industrial markets. With 1,500 employees, the business supports global customers from its 25 operating locations. Learn more at www.ingevity.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by words or phrases such as "may," "will," "could," "should," "would," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "target," "prospects," "potential" and "forecast," and other words, terms and phrases of similar meaning. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. WestRock cautions readers that a forward-looking statement is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking statement. Such forward-looking statements include, but are not limited to, statements regarding the expectation that Ingevity will become a publicly traded company early next year as the result of the spin-off from WestRock. With respect to these statements, WestRock has made assumptions regarding, among other things, whether and when the spin-off of WestRock's specialty chemicals business will occur; economic, competitive and market conditions generally; volumes and price levels of purchases by customers; competitive conditions in WestRock's businesses and possible adverse actions of their customers, competitors and suppliers. Further, WestRock's businesses are subject to a number of general risks that would affect any such forward-looking statements including, among others, decreases in demand for their products; increases in energy, raw materials, shipping and capital equipment costs; reduced supply of raw materials; fluctuations in selling prices and volumes; intense competition; the potential loss of certain customers; the scope, costs, timing and impact of any restructuring of our operations and corporate and tax structure; and adverse changes in general market and industry conditions. Such risks and other factors that may impact management's assumptions are more particularly described in Rock-Tenn Company's and MeadWestvaco Corporation's past filings with the Securities and Exchange Commission, including under the caption "Business -- Forward-Looking Information" and "Risk Factors" in RockTenn's Annual Report on Form 10-K for the fiscal year ended September 30, 2014 and "Management's discussion and analysis of financial condition and results of operations -- Forward-looking Statements" and "Risk factors" in MeadWestvaco's Annual Report on Form 10-K for the fiscal year ended December 31, 2014. These risks, as well as other risks associated with RockTenn, MeadWestvaco and WestRock are also more fully discussed under the caption "Cautionary Statement Regarding Forward-Looking Statements" and "Risk Factors" in the Registration Statement on Form S-4 filed by WestRock on March 10, 2015 (which registration statement was amended on April 20, 2015, May 6, 2015, and May 18, 2015, and was declared effective on May 19, 2015). The information contained herein speaks as of the date hereof and WestRock does not have or undertake any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
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