By Adriano Marchese
Ingevity said it plans to exit its performance chemicals industrial specialties product line as well as one of its refineries in South Carolina.
The company, which manufactures specialty chemicals, high-performance carbon materials and engineered polymers, said Thursday that it plans to explore strategic alternatives for the assets.
Ingevity noted that these will include the pine chemical-based chemistries that serve the paper chemical, rubber, adhesive, oilfield, lubricants and industrial intermediate end-use markets, as well as the North Charleston crude tall oil refinery.
Ingevity said that it may explore a potential divestiture of portions of its North Charleston site.
Chief Executive Luis Fernandez-Moreno said that exiting most of the industrial specialties product line will strengthen the company's performance chemicals segment and allow it to focus more on its higher growth and higher-margin opportunities while improving the earnings and cash flow profile.
"We believe we will be well positioned for profitable growth and value creation beginning in 2025," Fernandez-Moreno said.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
January 16, 2025 06:57 ET (11:57 GMT)
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