---
schema_version: "secwatch.filing_event.v1"
accession: "0001653477-23-000053"
form_type: "8-K"
ticker: "NGVT"
cik: "0001653477"
company_name: "Ingevity Corp"
filed_at: "2023-11-01T23:59:59+00:00"
generated_at: "2026-06-09T02:46:23.937086+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Ingevity to close DeRidder plant, record $280M charge, cut 300 jobs, restructure Performance Chemicals

## Summary
- DeRidder, LA facility closure expected by H1 2024; ~$280M total charges ($180M non-cash asset-related, $15M severance, $85M other restructuring).
- Expected annual savings of $65-75M starting 2024; combined headcount reductions ~20% of global workforce.
- Company shifting to non-CTO fatty acids, plans to sell excess CTO due to biofuels market impact on pricing.
- Supply agreement with WestRock amended: term ends June 30, 2024 unless extended by April 30, 2024; Florence, SC mill removed.
- Targets steady-state Performance Chemicals EBITDA margin 15-20% and total Ingevity margin 25-30% post-restructuring.

## SEC filing metadata
- accession: 0001653477-23-000053
- form_type: 8-K
- ticker: NGVT
- cik: 0001653477
- company_name: Ingevity Corp
- filed_at: 2023-11-01T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.05, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1653477/000165347723000053/0001653477-23-000053-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1653477/000165347723000053/ngvt-20231030.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001653477-23-000053
- JSON: https://secwatch.observer/filing/0001653477-23-000053.json
- Plain text: https://secwatch.observer/filing/0001653477-23-000053.txt

## Key facts
- Material Agreements
  Ingevity Corp amended Amendment No.1 with WestRock Shared Services, LLC and WestRock MWV, LLC, on behalf of the affiliates of WestRock Company (effective 2023-11-01).
  - Action: amendment
  - Agreement: supply
  - Counterparty: WestRock Shared Services, LLC and WestRock MWV, LLC, on behalf of the affiliates of WestRock Company
  - Effective: 2023-11-01
  source text: On November 1, 2023, Ingevity Corporation (the “Company”), and WestRock Shared Services, LLC and WestRock MWV, LLC, on behalf of the affiliates of WestRock Company (“WestRock”), entered into Amendment No.1 (the “Amendment”) to that certain Amended and Restated Crude Tall Oil and Black Liquor Soap Skimmings Agreement, dated as of March 20, 2023, by and between the Company and WestRock (the “Supply Agreement”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1653477/000165347723000053/0001653477-23-000053-index.htm
- Restructurings & Charges
  Ingevity Corp announced a restructuring with charges of approximately $280 million affecting Performance Chemicals segment; DeRidder, Louisiana manufacturing plant.
  - Type: restructuring
  - Charge: approximately $280 million
  - Affected area: Performance Chemicals segment; DeRidder, Louisiana manufacturing plant
  source text: the Board of Directors approved the permanent closure of the Company’s Performance Chemicals manufacturing plant located in DeRidder, Louisiana (the “DeRidder Plant”), as well as additional corporate and business cost reduction actions. The Company expects to close the DeRidder Plant by the end of the first half of 2024. The Company expects to incur aggregate charges of approximately $280 million associated with these actions, consisting of approximately $180 million in asset-related charges, approximately $15 million in severance and other employee costs, and approximately $85 million in other restructuring costs including decommissioning, dismantling and removal charges, and contract termination costs.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1653477/000165347723000053/0001653477-23-000053-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.