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

Ingevity

31/07/2024 21:51

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

Source text for Eikon:  ID:n0001653477-24-000078 
Further company coverage:  NGVT.N 

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