secwatch.observer — SEC 8-K summary
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Issuer:     Ingevity Corp (NGVT)
CIK:        0001653477
Form:       8-K
Filed at:   2023-11-01T23:59:59+00:00
Accession:  0001653477-23-000053
Event type: other_material
Sentiment:  negative
Materiality: 0.85
Item codes: 1.01, 2.05, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1653477/000165347723000053/0001653477-23-000053-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1653477/000165347723000053/ngvt-20231030.htm
  HTML page:      https://secwatch.observer/filing/0001653477-23-000053

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