Ingevity Corp-Additional Steps To Advance Company's Strategic Repositioning Of Its Performance Chemicals Segment

Reuters
2024.07.31 20:51
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Ingevity Corp announced additional steps to advance its strategic repositioning of its Performance Chemicals segment. The company plans to close its Crossett plant in August 2024 and expects to realize net operational savings of approximately $20-25 million per year. However, it also anticipates incurring aggregate charges of approximately $100 million, with the majority being non-cash charges.

July 31 (Reuters) - Ingevity Corp (NGVT.N) :

  • INGEVITY CORP-ADDITIONAL STEPS TO ADVANCE COMPANY’S STRATEGIC REPOSITIONING OF ITS PERFORMANCE CHEMICALS SEGMENT FOR SUSTAINED IMPROVED PROFITABILITY

  • BOARD OF DIRECTORS APPROVED CLOSURE OF CROSSETT PLANT, AS WELL AS ADDITIONAL CORPORATE AND BUSINESS COST REDUCTION ACTIONS

  • PLANS TO CLOSE ITS CROSSETT PLANT IN AUGUST 2024 AND WILL CONTINUE TO EVALUATE OPTIONS FOR SITE

  • EXPECTS TO REALIZE NET OPERATIONAL SAVINGS OF APPROXIMATELY $20 MILLION TO $25 MILLION PER YEAR FROM CLOSURE OF CROSSETT PLANT

  • EXPECTS TO INCUR AGGREGATE CHARGES OF APPROXIMATELY $100 MILLION, CONSISTING OF APPROXIMATELY $65 MILLION IN ASSET-RELATED CHARGES

  • EXPECTS APPROXIMATELY $65 MILLION OF TOTAL CHARGES TO BE NON-CASH

  • MAJORITY OF NON-CASH CHARGES AND 50-60 PERCENT OF CASH CHARGES ARE EXPECTED TO BE RECOGNIZED BY FIRST HALF OF 2025

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