Company: NGVT
Filing Date: 2025-03-19
Form Type: PRER14A
Source: 0001308179-25-000166
Chunk: 2

Company: Ingevity Corp
Filing Date: 2025-03-19
Form: PRER14A
Chunk 2
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 addressed uneconomic long-term contracts, which previously hindered our ability to manage the cost and timing of key raw material purchases. *Reconciliation of these non-GAAP financial measures to the nearest GAAP measure can be found in Appendix A.

| INGEVITY  |  2025 
 Proxy Statement   | 1 |

Message To Our Stockholders Advanced Polymer Technologies demonstrating resiliency We achieved increased sales volumes in 2024 for the Advanced Polymers Technologies segment even in challenging market conditions. Although demand is expected to remain flat in the near term, we believe long-term this segment will generate 20% or better margins, driven by greater industrial demand in existing markets supported by more innovation in high-growth areas such as bioplastics used in food packaging and apparel. Reshaping portfolio to focus on higher growth, higher margin opportunities On October 30, 2024, we publicly announced that we were reviewing our business portfolio, a review which began in March 2024, and which has been one of my top priorities since assuming the interim CEO role. As part of this review, we announced on January 16, 2025, our decision to explore strategic alternatives for a majority of our Performance Chemicals Industrial Specialties product lines and our North Charleston, South Carolina, crude tall oil refinery. Exiting most of the Industrial Specialties product line is expected to strengthen the Performance Chemicals segment further and enable us to focus our attention on higher growth and higher margin opportunities within our portfolio while increasing the Company’s earnings and cash flow. We are proceeding expeditiously with the review of Industrial Specialties and the refinery and expect to communicate a path forward by year end. We are also continuing to review the rest of our portfolio. Continuing to enhance the Ingevity board with fresh, qualified perspectives Over the last three years, Ingevity has added three new independent directors to the Company’s nine-member Board, including J. Kevin Willis, senior vice president and chief financial officer of Ashland Inc. in December 2024. Kevin’s appointment follows a search that began in June 2024 with the assistance of an independent search firm. Kevin played an integral role in Ashland’s successful separation from Valvoline and the reorganization of Ashland’s European operations and brings highly relevant experience in the chemical industry. He also brings extensive financial planning, capital allocation analysis, and business development experience, which make him well suited to help oversee and guide the management team on the Company’s new strategic priorities and the improvement initiatives we are