announced the completion of the previously disclosed sale of its North Charleston Crude Tall Oil (CTO) refinery assets and the majority of its Performance Chemicals Industrial Specialties product line to .
“The completion of the sale of our CTO refinery assets and Industrial Specialties product line is an important step in our strategic plan to simplify and streamline our business as a best-in-class specialty materials company,” said Ingevity president and CEO, Dave Li. “The Industrial Specialties business has played a meaningful role in Ingevity’s legacy, and we are confident it will continue to thrive under Mainstream’s ownership.”
The CTO refinery assets included in the transaction are co-located on the campus of Ingevity’s North Charleston, S.C. Performance Chemicals manufacturing facility.
Per the terms of the agreement, the all-cash transaction includes $110 million at closing plus potential contingent consideration ranging from $0 to $19 million, subject to the achievement of future business performance milestones. The transaction is subject to customary adjustments.