Ingevity Corporation (NYSE: NGVT) announced today that it has begun
operations as a standalone, publicly traded company, following a
tax-free spinoff from WestRock Company (NYSE: WRK). Starting today, the
“regular” trading of Ingevity common stock on the New York Stock
Exchange (NYSE) commenced under the symbol “NGVT.”
Ingevity is the specialty chemicals division of WestRock, formerly
MeadWestvaco, and is a leading global manufacturer of specialty
chemicals and high-performance carbon materials headquartered in North
Charleston, S.C. The company operates eight manufacturing facilities in
the United States, Brazil and China, with a global network of technical
centers, sales offices, warehouses and distribution facilities, and
employs approximately 1,500 people. Revenues for the division were $968
million in 2015.
“We are excited about the opportunities that being a standalone company
will provide us,” said Michael Wilson, president and CEO, Ingevity. “For
the past 100 years, our business has been part of larger paper and
packaging companies. Now, as an independent company, Ingevity will have
the strategic flexibility and financial resources to pursue multiple
avenues of growth. We are poised to build upon our legacy of innovation
and success and look forward to driving profitable growth and creating
value for our new shareholders.”
The separation occurred by means of a pro-rata distribution of all of
the stock of Ingevity to WestRock stockholders. Under the terms of the
separation, stockholders who held WestRock stock as of the close of
business on May 4, 2016, the record date for the distribution, received
one share of Ingevity common stock for every six common shares of
WestRock. This distribution occurred on May 15, 2016. No fractional
shares of Ingevity stock were issued.
Since May 2, 2016, Ingevity shares have traded on a “when-issued” basis
on the New York Stock Exchange, under the symbol “NGVT.WI,” permitting
investors to trade the right to receive Ingevity shares in the
distribution. “When-issued” trading of common shares ended at the close
of the market on May 13, 2016.
Ingevity: Purify, Protect and Enhance
Ingevity (NYSE: NGVT) provides specialty chemicals and high-performance
carbon materials and technologies that help customers solve complex
problems. These products are used in a variety of demanding
applications, including asphalt paving, oil exploration and production,
agrochemicals, adhesives, lubricants, printing inks and automotive
components that reduce gasoline vapor emissions. Through a team of
talented and experienced people, Ingevity develops, manufactures and
brings to market products and processes that purify, protect and enhance
the world around us. Headquartered in North Charleston, S.C., Ingevity
operates from 25 locations around the world and employs approximately
1,500 people. For more information, visit www.ingevity.com.
Forward-Looking Statements
This announcement contains “forward-looking statements,” that is,
information related to future, not past, events. Such statements
generally include the words “may,” “could,” “should,” “believes,”
“plans,” “intends,” “targets,” “will,” “expects,” “suggests,”
“anticipates,” “outlook,” “continues,” “forecast,” “project,” or similar
expressions. Forward-looking statements include, without limitation,
expected financial positions; results of operations; cash flows;
financing plans; business strategy; operating plans; capital and other
expenditures; competitive positions; growth opportunities for existing
products; benefits from new technology and cost reduction initiatives,
plans and objectives; and markets for securities. Like other businesses,
Ingevity is subject to risks and uncertainties that could cause its
actual results to differ materially from its projections or that could
cause other forward-looking statements to prove incorrect. Factors that
could cause actual results to materially differ from those contained in
the forward-looking statements, or that could cause other
forward-looking statements to prove incorrect, include, without
limitation, general economic and financial conditions; international
sales and operations; currency exchange rates and currency devaluation;
compliance with U.S. and foreign regulations by operations outside the
United States; attracting and retaining key personnel; conditions in the
automotive market; worldwide air quality standards; declining volumes in
the printing inks market; government infrastructure spending; the
limited supply of crude tall oil (“CTO”); lack of access to sufficient
CTO; access to and pricing of raw materials; competition from producers
of substitute products; a prolonged period of low energy prices; the
provision of services by third parties at several facilities; natural
disasters, such as hurricanes, winter or tropical storms, earthquakes,
floods, fires or other unanticipated problems such as labor
difficulties, equipment failure or unscheduled maintenance and repair;
protection of intellectual property and proprietary information;
government policies and regulations, including, but not limited to,
those affecting the environment, climate change, tax policies and the
chemicals industry; and lawsuits arising out of environmental damage or
personal injuries associated with chemical manufacturing. These and
other important factors that could cause actual results or events to
differ materially from those expressed in forward-looking statements
that may have been made in this document are described or will be
described in our filings with the U.S. Securities and Exchange
Commission, including our Form 10 Registration Statement. Readers are
cautioned not to place undue reliance on Ingevity’s projections and
forward-looking statements, which speak only as the date thereof.
Ingevity undertakes no obligation to publicly release any revision to
the projections and forward-looking statements contained in this
announcement, or to update them to reflect events or circumstances
occurring after the date of this announcement.
Ingevity Corporation
Laura Woodcock, 843-746-8197
[email protected]
or
Investors
Dan Gallagher, 843-740-2126
[email protected]
www.ingevity.com