United States-based chemical maker Ingevity will invest more than U.S. $53 million into a facility near its headquarters in South Carolina, according to local media reports.
The past year has been challenging for the North Charleston company. Ingevity closed a plant in Louisiana at the end of 2023; ended a crude tall pine oil supply deal with GP Pine Chemicals that brought $100 million in penalties in mid-2024; embarked upon a $250 million restructuring, which included losing a plant in Arkansas; and then dismissed its CEO John Forston after the company’s stock nosedived.
“The investment is in the North Charleston facility itself,” Ingevity’s spokesperson Caroline Monahan told Lube Report Global. “Charleston County is partnering with us as we navigate the closure of the co-located paper mill, which includes the updating and upgrading of the utility infrastructure on the site.”
Net sales fell by 16% to $376.9 million in the third quarter, compared with the same period in 2023. The company ascribed this to “repositioning actions in performance chemicals.”
Interim CEO Luis Fernandez-Moreno is confident that the company will reverse course, and the investment signals optimism.
“As I look at the next few months, I see three key priorities for me, improved execution and focus, reducing our leverage through improved free cash flow and complete a fresh look at our business portfolio and corporate strategy,” he said on a financial performance call in October.