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.

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