Welcome to our dedicated page for Ingevity news (Ticker: NGVT), a resource for investors and traders seeking the latest updates and insights on Ingevity stock.
Ingevity Corporation reports developments for a global specialty materials company focused on advanced carbon and engineered material solutions. Its updates cover Performance Materials activated carbon technologies for emissions control and filtration, Performance Chemicals products for agriculture and pavement systems, and Advanced Polymer Technologies specialty polymers used in coatings and industrial applications.
Recurring news themes include operating and financial results, segment performance, capital-structure and capital-allocation actions, and portfolio changes. Recent company developments also include completed divestitures involving North Charleston crude tall oil refinery assets, the majority of the Industrial Specialties product line, and Ozark Materials, along with board refreshment and other governance updates.
Ingevity Corporation (NYSE: NGVT) has appointed Stacy Lancaster Cozad as executive vice president, general counsel, and secretary, effective February 1, 2021. This position was previously held by Katherine C. Burgeson, who retired on August 1, 2020. Cozad brings extensive legal expertise from her previous roles at Spirit AeroSystems and Southwest Airlines. She holds a bachelor’s degree from Concordia University Texas and a juris doctor from Pepperdine University. Ingevity specializes in specialty chemicals, carbon materials, and engineered polymers.
Ingevity Corporation (NYSE:NGVT) announced plans to appeal a U.S. District Court's decision on its patent related to automotive gasoline vapor emissions control (U.S. Patent No. RE38,844). The court ruled in favor of BASF Corp. regarding a patent infringement complaint. Ingevity insists on the strength of its intellectual property, claiming that the decision misinterprets relevant laws. While the patent expires in March 2022, Ingevity anticipates minimal impact on operations or financial outcomes from this expiration, as competition is not expected until after the patent's expiration.
Ingevity Corporation (NYSE: NGVT) has priced an offering of $550 million in 8-year senior unsecured notes, with a maturity date of November 1, 2028, and an interest rate of 3.875% per annum. The offering is expected to close on October 28, 2020, subject to customary conditions. Proceeds from the offering will be used for refinancing existing debt. The notes will be sold only to qualified institutional buyers under Rule 144A and certain non-U.S. persons under Regulation S. The offering does not constitute a solicitation or sale in jurisdictions where it would be unlawful.
Ingevity Corporation (NYSE: NGVT) is initiating a private offering of $550 million in senior unsecured notes, aimed at refinancing existing debt. The offering, subject to market conditions, will only be available to qualified institutional buyers under Rule 144A and non-U.S. persons outside the U.S. under Regulation S. The company does not guarantee the issuance's consummation. The notes have not been registered under the Securities Act, and the release serves neither as an offer to sell nor a solicitation.
Ingevity Corporation (NYSE:NGVT) reported preliminary financial results for Q3, showing net sales of $332 million, a 7.8% decline year-over-year. Despite this, net income increased by 16.7% to $70 million, with a net income margin of 21.1%. Diluted EPS rose to $1.69 from $1.41. Adjusted EBITDA reached a record $128 million, an 11.9% increase from Q3 2019. The company's 2020 guidance for sales was narrowed to $1.15-$1.20 billion, with adjusted EBITDA expectations increased to $355-$365 million.
Ingevity Corporation (NYSE: NGVT) has appointed Erik Ripple as the chief growth and innovation officer, effective October 1. Ripple, previously president for the Asia/Pacific region, will continue those duties until a successor is found. This strategic move aligns with Ingevity's initiative called 'Ingevity 2.0', aiming to foster growth and innovation. CEO John Fortson expressed confidence in Ripple's capabilities to identify growth opportunities and enhance the company's position in the specialty chemicals sector.
Ingevity Corporation (NYSE: NGVT) will release its third quarter earnings on Wednesday, Oct. 28, 2020, after market close. A live webcast discussing the results will take place on Thursday, Oct. 29, 2020, at 10 a.m. ET. Investors can access this through Ingevity’s website. For those unable to attend live, a replay will be available from 2 p.m. ET on Oct. 29 until Nov. 29, 2020. Ingevity specializes in specialty chemicals and carbon materials, operating 25 locations globally and employing 1,850 people.