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Ingevity completes planned expansion of caprolactone polyols production to the United States, increases global capacity for polyols by 40%
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Rhea-AI Summary
Ingevity Corporation (NYSE:NGVT) has launched its Capa® polyols production in the U.S., marking the first production of high-performance caprolactone polyols domestically. This expansion at the DeRidder, Louisiana facility increases global capacity for polyols by 40%. The investment includes enhanced storage capacity, facilitating bulk shipments to U.S. customers. The company aims to meet rising demand and improve service levels for its growing customer base. Ingevity operates globally with a focus on sustainable solutions in Performance Chemicals and Materials.
Positive
Expansion increases polyols capacity by 40%.
Launch of Capa polyols production in the U.S. improves response to market demand.
Investment supports streamlined operations and bulk shipments.
Negative
None.
NORTH CHARLESTON, S.C.--(BUSINESS WIRE)--
Ingevity Corporation (NYSE:NGVT) announced the company has launched new Capa® polyols production and produced the first commercial quantities of its high performance caprolactone polyols in the United States (U.S.). The completion of the company’s expansion at its facility in DeRidder, Louisiana, increases Ingevity’s global capacity for producing polyols by 40% and positions the company to better meet increasing demand for the Capa portfolio and more effectively serve its customers by reducing global lead times.
“Adding production of Capa polyols in the U.S. strengthens Ingevity's ability to respond to increasing demand and demonstrates our commitment to offering innovative solutions for our growing customer base in the region,” said Ingevity senior vice president, Performance Chemicals and president, Engineered Polymers, Steve Hulme. “The completion of the Capa expansion is a great achievement for our teams in DeRidder and Warrington that bolsters capabilities for Engineered Polymers and our broader Performance Chemicals segment.”
The investment in Ingevity’s DeRidder plant includes installation of monomer storage capacity to not only support the manufacturing of polyol derivatives, but also to streamline and enable bulk monomer shipments to U.S. customers.
“We are excited to add capacity, which we expect will allow us to support our global customers with increased levels of service and reduced lead times,” said Ingevity’s global commercial director, Joel Neale. “We believe the increased availability of our Capa polyols will also enable our customers to capture growth opportunities in emerging markets.”
Ingevity’s DeRidder plant has been in operation since 1977, employs 187 people and includes production of emulsifiers, rosin and tall oil fatty acid used in a variety of applications such as adhesives, asphalt additives, publication inks, metalworking fluids, drilling fluid additives, oilfield production chemicals, paints and coatings. Ingevity also operates a polycaprolactone production facility in Warrington, United Kingdom.
Ingevity: Purify, Protect and Enhance
Ingevity provides products and technologies that purify, protect and enhance the world around us. Through a team of talented and experienced people, we develop, manufacture and bring to market solutions that help customers solve complex problems and make the world more sustainable. We operate in two reporting segments: Performance Chemicals, which includes specialty chemicals and engineered polymers, and Performance Materials, which includes high-performance activated carbon. These products are used in a variety of demanding applications, including asphalt paving, oil exploration and production, agrochemicals, adhesives, lubricants, publication inks, coatings, elastomers, bioplastics 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 1,850 people. The company is traded on the New York Stock Exchange (NYSE:NGVT). For more information visit www.ingevity.com.
About Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Such statements generally include the words “will,” “plans,” “intends,” “targets,” “expects,” “outlook,” “believes,” “anticipates” or similar expressions. Forward-looking statements may include, without limitation, expected financial positions, guidance, results of operations and cash flows; financing plans; business strategies and expectations; operating plans; impact of COVID-19; capital and other expenditures; competitive positions; growth opportunities for existing products; capacity projections, benefits from new technology and cost-reduction initiatives, plans and objectives; litigation related strategies and outcomes; and markets for securities. Actual results could differ materially from the views expressed. 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, adverse effects from the COVID-19 pandemic; adverse effects from general global economic, geopolitical and financial conditions beyond our control, including inflation and war in Ukraine; risks related to our international sales and operations; adverse conditions in the automotive market; competition from substitute products, new technologies and new or emerging competitors; worldwide air quality standards; a decrease in government infrastructure spending; adverse conditions in cyclical end markets; the limited supply of or lack of access to sufficient crude tall oil and other raw materials; integration of future acquisitions; the provision of services by third parties at several facilities; supply chain disruptions; natural disasters and extreme weather events; or other unanticipated problems such as labor difficulties (including work stoppages), equipment failure or unscheduled maintenance and repair; attracting and retaining key personnel; dependence on certain large customers; legal actions associated with our intellectual property rights; protection of our intellectual property and other proprietary information; information technology security breaches and other disruptions; complications with designing or implementing our new enterprise resource planning system; government policies and regulations, including, but not limited to, those affecting the environment, climate change, tax policies, tariffs and the chemicals industry; and losses due to lawsuits arising out of environmental damage or personal injuries associated with chemical or other manufacturing processes, and the other factors detailed from time to time in the reports we file with the SEC, including those described in Part I, Item 1A. Risk Factors in our 2021 Annual Report on Form 10-K as well as in our other filings with the SEC. These forward-looking statements speak only to management’s beliefs as of the date of this press release. Ingevity assumes no obligation to provide any revisions to, or update, any projections and forward-looking statements contained in this press release.
