NORTH CHARLESTON, S.C.--(BUSINESS WIRE)--Ingevity Corporation (NYSE:NGVT) today announced that it will increase caprolactone monomer capacity at its facility in Warrington, U.K., through a series of optimization projects over the next 12 months that are expected to increase Ingevity’s global monomer production capacity by over 20% and position the company to better meet demand and more effectively serve customers.
“We continue to experience growth in demand for the high-performance, sustainable solutions in our engineered polymers Capa® portfolio,” said Mike Smith, executive vice president and president, Performance Chemicals. “We are committed to continued investment in innovation, production and customer partnerships to meet the expanding requirements of customers in a variety of end-use markets.” Smith added this exciting news follows recent announcements that the company will open a new innovation center in Warrington at the end of 2021 and add polyol production capabilities at its DeRidder, Louisiana, facility in the second quarter of 2022.
“This capacity expansion in Warrington will better position Ingevity to meet increased global demand for our Capa derivative technologies, improve the reliability of monomer supply in the merchant market and enhance service for customers across the globe,” said Steve Hulme, Ingevity’s vice president, engineered polymers.
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 25 locations around the world and employs approximately 1,850 people. The company is traded on the New York Stock Exchange (NYSE:NGVT). For more information visit www.ingevity.com.
Cautionary Statements 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,” or similar expressions. Forward-looking statements may include, without limitation, capacity expansion plans, expected financial positions, results of operations and cash flows; financing plans; business strategies and expectations; operating plans; and the impact of COVID-19. 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, implementation delays, adverse effects from the COVID-19 pandemic; adverse effects of general economic and financial conditions; risks related to international sales and operations; and the other factors detailed from time to time in the reports we file with the SEC, including those described under "Risk Factors" in our Annual Report on Form 10-K, our Form 10-Q for the quarter ended March 31, 2021, and other periodic filings. These forward-looking statements speak only 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.