Company: NGVT
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001653477-25-000127
Chunk: 35

Company: Ingevity Corp
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 35
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30, 2025$0.1 $0.9 $— $1.0 Performance Chemicals repositioning$1.3 $0.7 $— $2.0 Three Months Ended September 30, 2024$1.3 $0.7 $— $2.0 In millionsSeverance and other employee-related costsOther charges (income) (1)Asset disposal chargesTotalPerformance Chemicals repositioning$— $2.1 $— $2.1 Other (2)2.6 1.0 4.4 8.0 Nine Months Ended September 30, 2025$2.6 $3.1 $4.4 $10.1 Performance Chemicals repositioning$1.5 $1.9 $— $3.4 Nine Months Ended September 30, 2024$1.5 $1.9 $— $3.4 _______________(1) Primarily represents costs associated with plant and equipment decommissioning charges and other miscellaneous exit costs. (2) During 2024 and 2025, we took further steps to streamline our cost structure and improve profitability, resulting in additional restructuring charges for the three and nine months ended September 30, 2025 of $0.3 million and $8.0 million, respectively.Performance Chemicals RepositioningWe previously announced a number of strategic actions designed to reposition our Performance Chemicals reportable segment to improve profitability and reduce the cyclicality of the company as a whole. These actions increased our focus on growing our most profitable Performance Chemicals product lines, such as road technologies. The repositioning focused on reducing exposure to lower margin end-use markets of our industrial specialties product line, such as adhesives, publication inks, and oilfield, representing approximately 45 percent of our industrial specialties product line historical annualized net sales.On September 3, 2025, Ingevity entered into an Asset Purchase Agreement with Mainstream Pine Products, LLC, a Delaware limited liability company ("Purchaser"), pursuant to which Purchaser will purchase substantially all of the assets and assume and acquire certain of the rights and liabilities of Ingevity or its applicable affiliates that relate to or are used in connection with (a) Ingevity's industrial specialties product line (other than Ingevity