Ingevity Corporation completes the sale of its North Charleston Crude Tall Oil refinery assets and majority of its Industrial Specialties product line to Mainstream Pine Products, LLC.
The transaction aims to reduce portfolio volatility, strengthen Ingevity's margin and cash flow profile, and enhance strategic flexibility.
The sale is part of Ingevity's strategic plan to simplify and streamline its business as a specialty materials company.
Strategic Realignment
Sale of CTO refinery assets and Industrial Specialties product line to focus on higher-margin specialty applications.
Financial Impact
Transaction includes $110 million at closing with potential contingent consideration of up to $19 million.
Portfolio Reshaping
Exiting CTO-based product lines while retaining focus on activated carbon and pavement technologies.
- The completion of the sale marks a significant step in reshaping Ingevity's portfolio and strategic priorities.
- By streamlining its business, Ingevity aims to strengthen its market position and focus on higher-margin products.
Ingevity's sale of the refinery assets and specialties product line reflects the company's commitment to strategic realignment and focus on innovative, higher-margin products.