Ingevity announces successful completion of sale of North Charleston crude tall oil refinery and majority of Industrial Specialties product line

Core Viewpoint - Ingevity Corporation has completed the sale of its North Charleston Crude Tall Oil refinery assets and the majority of its Performance Chemicals Industrial Specialties product line to Mainstream Pine Products for $110 million, with potential contingent consideration of up to $19 million based on future performance milestones [1][2]. Group 1: Transaction Details - The transaction is an all-cash deal that includes $110 million at closing, with additional contingent consideration ranging from $0 to $19 million [1]. - The sale is part of Ingevity's strategic plan to simplify and streamline its business, focusing on higher-margin specialty applications [2]. Group 2: Strategic Implications - The sale marks a significant step in reshaping Ingevity's portfolio, allowing the company to exit remaining CTO-based product lines while retaining its Pavement Technologies business and other lignin-based dispersant products [2]. - This strategic move aligns with Ingevity's focus on becoming a best-in-class specialty materials company [2]. Group 3: Company Overview - Ingevity provides products and technologies that purify, protect, and enhance the environment, operating in three segments: Performance Materials, Advanced Polymer Technologies, and Performance Chemicals [4]. - The company employs approximately 1,500 people and operates from 24 locations worldwide, with its stock traded on the New York Stock Exchange [4].