Ingevity To Sell North Charleston CTO Refinery And Majority Of Industrial Specialties Product Line

(RTTNews) - Ingevity Corporation (NGVT) Thursday said that it has agreed to sell its North Charleston crude tall oil refinery assets and majority of its Performance Chemicals Industrial Specialties product line to Mainstream Pine Products, LLC.

The purchase price includes $110 million in cash, plus up to $19 million on achieving certain business performance milestones.

Ingevity does not expect the transaction to impact production of its Road Technologies product line or certain lignin-based dispersants that are manufactured at the company's North Charleston plant.

"This transaction marks a significant milestone for Ingevity, reducing portfolio volatility, strengthening our margin and cash flow profile and enhancing future strategic optionality. The transaction proceeds will enable us to accelerate deleveraging and provide additional capital allocation flexibility," said Ingevity president and CEO, Dave Li.

The deal is expected to close by early 2026.

Additionally, excluding the impact of this transaction, the company has reaffirmed its full-year outlook. It continues to expect sales in the range of $1.25 billion-$1.40 billion and adjusted EBITDA between $390 million and $415 million.