secwatch.observer — SEC 8-K summary
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Issuer:     Ingevity Corp (NGVT)
CIK:        0001653477
Form:       8-K
Filed at:   2024-07-31T23:59:59+00:00
Accession:  0001653477-24-000078
Event type: other_material
Sentiment:  neutral
Materiality: 0.75
Item codes: 2.05, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Ingevity to close Crossett, AR plant; expects $30-35M annual savings from restructuring
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1653477/000165347724000078/0001653477-24-000078-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1653477/000165347724000078/ngvt-20240729.htm
  HTML page:      https://secwatch.observer/filing/0001653477-24-000078

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