NORTH CHARLESTON, S.C.--(BUSINESS WIRE)--Ingevity Corporation (NYSE: NGVT) has completed its acquisition of the
Capa™ caprolactone division of Perstorp Holding AB for a cash purchase
price of €578.9 million ($652.5 million). The acquisition is expected to
be accretive to Ingevity’s earnings and margins in the first year.
Capa is the global market leader in the production and commercialization
of caprolactone and high-value downstream derivatives, including
caprolactone polyols, caprolactone thermoplastics, caprolactone
lactides, and hexanediol (HDO). The division’s products are key
components in adhesives, bioplastics, coatings, elastomers and resins.
The business operates a manufacturing facility in Warrington, England,
U.K., and employs approximately 100 employees. Ingevity will include the
business in the company’s Performance Chemicals segment and report
revenues as “Engineered Polymers.”
“The Capa division is a strong, market-leading business focused on
high-growth end-use applications and is an excellent fit with Ingevity’s
business model and capabilities,” said Michael Wilson, Ingevity
president and CEO. “We are very pleased to be adding such a unique
business to our company; one that will provide new avenues for strategic
growth. Moreover, we’re excited to welcome our new employees in
Warrington and across the globe,” he said.
Ingevity: Purify, Protect and Enhance
Ingevity provides specialty chemicals and high-performance carbon
materials and technologies that purify, protect and enhance the world
around us. Through a team of talented and experienced people, Ingevity
develops, manufactures and brings to market products and processes 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,
publication inks and automotive components that reduce gasoline vapor
emissions. Headquartered in North Charleston, South Carolina, Ingevity
operates from 25 locations around the world and employs approximately
1,700 people. The company is traded on the New York Stock Exchange
(NYSE: NGVT). For more information visit www.ingevity.com.
Forward-Looking Statements
This news release contains “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995. Such
forward looking statements generally include the words “may,” “could,”
“should,” “believes,” “plans,” “intends,” “targets,” “will,” “expects,”
“suggests,” “anticipates,” “outlook,” “continues,” “forecast,”
“prospect,” “potential” or similar expressions. Forward-looking
statements may include, without limitation, expected financial
positions, results of operations and cash flows; financing plans;
business strategies and expectations; operating plans; synergies and the
potential benefits of the acquisition of Georgia-Pacific’s pine
chemicals business and Perstorp Holding AB’s Capa™ caprolactone business
(the “acquisitions”); 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 expectations 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, risks that
the expected benefits from the acquisitions will not be realized or will
not be realized within the expected time period; the risk that the
acquired businesses will not be integrated successfully; significant
transaction costs; unknown or understated liabilities; general economic
and financial conditions; international sales and operations; currency
exchange rates and currency devaluation; compliance with U.S. and
foreign regulations; attracting and retaining key personnel; conditions
in the automotive market or adoption of alternative technologies;
worldwide air quality standards; government infrastructure spending;
declining volumes in the printing inks market; 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 and new technologies, and new or emerging competitors; 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; other
unanticipated problems such as labor difficulties including renewal of
collective bargaining agreements, equipment failure or unscheduled
maintenance and repair; protection of intellectual property and
proprietary information; information technology security risks;
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 or other manufacturing
processes. 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
and will be more particularly described in our filings with the U.S.
Securities and Exchange Commission, including our Form 10-K for the year
ended December 31, 2017 and our other periodic filings. 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
presentation, or to update them to reflect events or circumstances
occurring after the date of this release.
Laura Woodcock
843-746-8197
laura.woodcock@ingevity.com
Investors:
Dan Gallagher
843-740-2126
daniel.gallagher@ingevity.com