Ingevity Restructures Performance Chemicals with Strategic Termination

The latest announcement is out from Ingevity (NGVT).

Ingevity Corporation has reached a termination agreement with GP Pine Chemicals, LLC to end their Crude Tall Oil Supply Agreement. This decision involved a $50,000,000 initial payment with a second one due later, and the purchase of additional crude tall oil to fulfill June obligations. The termination grants Ingevity flexibility as it restructures its Performance Chemicals business towards specialty chemicals markets. Further updates on these strategic changes are expected as management makes decisions.

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