Ingevity Corp (NGVT): restructuring charge — Ingevity to close Crossett, AR plant; expects $30-35M annual savings from restructuring

Ingevity Corp

Plans to close Crossett plant in August 2024; consolidate oleo refining to North Charleston, SC facility.
Expects net operational savings of $20M-$25M/yr from plant closure plus ~$10M/yr from corporate cost reductions.
Total restructuring charges estimated at ~$100M, including ~$65M non-cash asset charges and ~$35M cash costs.
Majority of non-cash charges and 50-60% of cash charges expected recognized by H1 2025.
Company cites slow industrial recovery in oleo markets as driver; full savings expected in 2025.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Ingevity Corp announced a restructuring with charges of aggregate charges of approximately $100 million affecting Performance Chemicals segment; Crossett, Arkansas manufacturing plant.

Type: restructuring
Charge: aggregate charges of approximately $100 million
Affected area: Performance Chemicals segment; Crossett, Arkansas manufacturing plant

Exact text from the filing

As a result of these actions, Ingevity expects to incur aggregate charges of approximately $100 million, consisting of approximately $65 million in asset-related charges, approximately $10 million in severance and other employee-related costs and approximately $25 million in other restructuring costs, which include decommissioning, dismantling and removal charges and contract termination costs.

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Source: SEC EDGAR

accession 0001653477-24-000078

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