Ingevity completes acquisition of leading pavement marking materials business, Ozark Materials
October 03 2022 - 3:15PM
Business Wire
Ingevity Corporation (NYSE:NGVT) today announced that it has
completed its previously disclosed acquisition of privately-owned
Ozark Materials in an all-cash transaction valued at $325 million.
Ingevity expects the acquisition to be immediately accretive to
Ingevity’s earnings per share. The business will be included in
Ingevity’s Performance Chemicals segment.
Ozark Materials is a leading producer of pavement marking
materials, including thermoplastic pavement markings, waterborne
traffic paints and preformed thermoplastics. The company supplies
specialty materials for roadway applications throughout the United
States and Canada, for a customer base that includes state
departments of transportation, civil and highway contractors,
cities, universities and airports. Included in the acquisition is
Ozark Logistics, which provides transportation support primarily
for the materials business. Ozark Materials is headquartered in
Greenville, Alabama, and operates through four manufacturing
locations, a logistics office and a distribution center.
“Ozark Materials is a strong, market-leading business that
strengthens our position in the paving construction industry, while
moving us one step downstream where we can better serve our end
customers,” said John Fortson, Ingevity president and CEO. “As a
leading player within the pavement marking materials industry,
Ozark is an excellent fit with Ingevity’s business model and
capabilities. We are excited to welcome our newest employees to
Ingevity.”
Ingevity: Purify, Protect and Enhance
Ingevity provides products and technologies that purify, protect
and enhance the world around us. Through a team of talented and
experienced people, we develop, manufacture and bring to market
solutions that help customers solve complex problems and make the
world more sustainable. We operate in two reporting segments:
Performance Chemicals, which includes specialty chemicals and
engineered polymers, and Performance Materials, which includes
high-performance activated carbon. These products are used in a
variety of demanding applications, including asphalt paving, oil
exploration and production, agrochemicals, adhesives, lubricants,
publication inks, coatings, elastomers, bioplastics and automotive
components that reduce gasoline vapor emissions. Headquartered in
North Charleston, South Carolina, Ingevity operates from 31
locations around the world and employs approximately 2,050 people.
The company is traded on the New York Stock Exchange (NYSE:NGVT).
For more information visit www.ingevity.com.
About Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the Securities Exchange Act of 1934, as amended, and
the Private Securities Litigation Reform Act of 1995. Such
statements generally include the words “will,” “plans,” “intends,”
“targets,” “expects,” “outlook,” “believes,” “anticipates” or
similar expressions. Forward-looking statements may include,
without limitation, the potential benefits of the acquisition of
Ozark Materials, LLC and Ozark Logistics, LLC (the “acquisition”);
the anticipated timing of the closing of the acquisition; expected
financial positions, guidance, results of operations and cash
flows; financing plans; business strategies and expectations;
operating plans; impact of COVID-19; capital and other
expenditures; competitive positions; growth opportunities for
existing products; benefits from new technology and cost-reduction
initiatives, plans and objectives; litigation related strategies
and outcomes; and markets for securities. Actual results could
differ materially from the views expressed. Factors that could
cause actual results to materially differ from those contained in
the forward-looking statements, or that could cause other
forward-looking statements to prove incorrect, include, without
limitation, risks related to the satisfaction of the conditions to
closing the acquisition (including the failure to obtain necessary
regulatory approval) in the anticipated timeframe or at all; risks
that the expected benefits from the proposed acquisition will not
be realized or will not be realized within the expected time
period; the risk that the businesses will not be integrated
successfully; significant transaction costs; unknown or understated
liabilities; adverse effects from the COVID-19 pandemic; adverse
effects from general global economic, geopolitical and financial
conditions beyond our control, including inflation and war in
Ukraine; risks related to our international sales and operations;
adverse conditions in the automotive market; competition from
substitute products, new technologies and new or emerging
competitors; worldwide air quality standards; a decrease in
government infrastructure spending; adverse conditions in cyclical
end markets; the limited supply of or lack of access to sufficient
crude tall oil and other raw materials; integration of future
acquisitions; the provision of services by third parties at several
facilities; supply chain disruptions; natural disasters and extreme
weather events; or other unanticipated problems such as labor
difficulties (including work stoppages), equipment failure or
unscheduled maintenance and repair; attracting and retaining key
personnel; dependence on certain large customers; legal actions
associated with our intellectual property rights; protection of our
intellectual property and other proprietary information;
information technology security breaches and other disruptions;
complications with designing or implementing our new enterprise
resource planning system; government policies and regulations,
including, but not limited to, those affecting the environment,
climate change, tax policies, tariffs and the chemicals industry;
and losses due to lawsuits arising out of environmental damage or
personal injuries associated with chemical or other manufacturing
processes, and the other factors detailed from time to time in the
reports we file with the SEC, including those described in Part I,
Item 1A. Risk Factors in our 2021 Annual Report on Form 10-K as
well as in our other filings with the SEC. These forward-looking
statements speak only to management’s beliefs as of the date of
this press release. Ingevity assumes no obligation to provide any
revisions to, or update, any projections and forward-looking
statements contained in this press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20221003005302/en/
Caroline Monahan 843-740-2068 caroline.monahan@ingevity.com
Investors: John Nypaver 843-740-2002
investors@ingevity.com
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