Ingevity Begins Strategic Review, Potential Sale of Advanced Polymer Technologies Segment
Ingevity announced it has completed the company's previously disclosed portfolio review process and is in the early stages of exploring strategic alternatives for its Advanced Polymer Technologies segment and Performance Chemicals Road Markings business, including a potential sale of one or both. Ingevity emphasized that it will continue to provide exceptional service and support to customers of both APT and Road Markings throughout the respective review processes. The company cannot ensure that its strategic review will result in one or more transactions and does not intend to disclose further developments unless and until it is determined that further disclosure is appropriate.
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Ingevity Completes $110 Million Sale of North Charleston CTO Refinery Assets
- Asset Sale Completion: Ingevity has finalized the sale of its North Charleston Crude Tall Oil refinery assets and the majority of its Performance Chemicals Industrial Specialties product line for $110 million, with an additional potential contingent consideration of up to $19 million, aimed at simplifying its business structure and focusing on high-margin specialty applications.
- Strategic Restructuring: This transaction marks a significant step in Ingevity's strategic plan outlined during its December 8 investor event, as the company exits its remaining CTO product lines to concentrate on higher-margin businesses like activated carbon and pavement technologies, thereby enhancing overall operational efficiency.
- Business Focus: By retaining its Pavement Technologies business and other lignin-based dispersant products, Ingevity ensures it can continue to offer a diverse product range while strengthening its competitive position in the specialty materials market, aligning with its long-term strategic objectives.
- Market Outlook: This transaction not only enhances the company's financial flexibility but also provides funding for future investments and innovations, further solidifying Ingevity's leadership in the sustainable materials sector.
CHASM and Ingevity Strengthen Partnership with Licensing Agreement to Ensure Local CNT Supply Chain for EV Battery Gigafactories in North America and Europe
CHASM and Ingevity Partnership: CHASM Advanced Materials has signed a license agreement with Ingevity Corporation for the production of carbon nanotube (CNT) additives for batteries, enhancing their collaboration to support the EV battery industry in North America and Europe.
Technology Validation: CHASM's NTeC®-E CNT additives have been validated by Ingevity's labs and third-party testing, proving to be more conductive and offering better capacity retention compared to other commercial CNT products.
Supply Chain Security: The partnership aims to establish a reliable, domestically sourced CNT supply chain for the growing electric vehicle battery market, reducing reliance on overseas suppliers.
Innovative Applications: CHASM's CNT technology is designed for integration into various battery chemistries and other applications, contributing to advancements in safety, connectivity, and sustainability in multiple industries.
