Ingevity Corporation (NYSE: NGVT) recently announced that it has begun operations as a standalone, publicly traded company, following a tax-free spinoff from WestRock Company (NYSE: WRK). Starting today, the “regular” trading of Ingevity common stock on the New York Stock Exchange (NYSE) commenced under the symbol “NGVT.”
Ingevity is the specialty chemicals division of WestRock, formerly MeadWestvaco, and is a leading global manufacturer of specialty chemicals and high-performance carbon materials headquartered in North Charleston, S.C. The company operates eight manufacturing facilities in the United States, Brazil and China, with a global network of technical centers, sales offices, warehouses and distribution facilities, and employs approximately 1,500 people. Revenues for the division were $968 million in 2015.
“We are excited about the opportunities that being a standalone company will provide us,” said Michael Wilson, president and CEO, Ingevity. “For the past 100 years, our business has been part of larger paper and packaging companies. Now, as an independent company, Ingevity will have the strategic flexibility and financial resources to pursue multiple avenues of growth. We are poised to build upon our legacy of innovation and success and look forward to driving profitable growth and creating value for our new shareholders.”
More information can be found HERE