Ingevity Corporation Announces Sale of North Charleston CTO Refinery and Industrial Specialties Product Line to Mainstream Pine Products in $110 Million Deal
Reuters
Sep 04
Ingevity Corporation Announces Sale of North Charleston CTO Refinery and Industrial Specialties Product Line to Mainstream Pine Products in $110 Million Deal
Ingevity Corporation has announced a definitive agreement to sell its North Charleston CTO refinery assets and most of its Performance Chemicals Industrial Specialties product line to Mainstream Pine Products, LLC. The transaction, valued at approximately $110 million in cash with a potential contingent payment between $0 and $19 million based on future business performance, is expected to close by early 2026, pending customary conditions. The agreement includes a supply deal where Mainstream will provide certain refinery products to Ingevity's Road Technologies line and a toll-manufacturing arrangement where Ingevity will process certain products for Mainstream. Additionally, the companies will enter into a reciprocal plant operating agreement for post-closing operations at the North Charleston CTO refinery.
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