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Ingevity Corp. spends $385M, buys dual companies and invests in another

SC Biz News
Ross Norton
August 3, 2022

Ingevity Corp. of North Charleston has had a busy week already.

The company on Tuesday announced it is buying two companies in a $325 million cash transaction and investing $60 million to acquire an equity stake in another. In addition, the company announced record net sales of $419.9 million in its second-quarter report, with $59.8 million in net income, a 35% increase over the same period last year.

Ingevity, which provides products that include specialty chemicals, high-performance carbon materials and engineered polymers, reached an agreement to buy privately owned Ozark Materials LLC and Ozark Logistics LLC in the $325 million deal. In the $60 million investment deal, Ingevity will acquire an equity stake in Nexeon Limited, which the company called a strategic move to establish its presence in the electric vehicle market.

Read full article, HERE.

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