Ingevity to explore strategic alternatives for Performance Chemicals line

Ingevity (NGVT) is exploring strategic alternatives for the company’s Performance Chemicals Industrial Specialties product line, including a potential divestiture of portions of its North Charleston site. Ingevity noted that this process includes all Industrial Specialties pine chemical-based chemistries that serve the paper chemical, rubber, adhesive, oilfield, lubricants and industrial intermediate end-use markets, and the North Charleston, South Carolina, crude tall oil refinery. This process will not include the Performance Chemicals Road Technologies product line, nor certain lignin-based products that are currently reported in Ingevity’s Industrial Specialties product line. Ingevity cannot assure its strategic review will result in a transaction. The company expects to communicate the path forward before the end of the year.