Ingevity Corporation Formed with Completion of Spinoff from WestRock Company | Business Wire

NORTH CHARLESTON, S.C.–(BUSINESS WIRE)–Ingevity Corporation (NYSE: NGVT) announced today that it's 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. 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.

employs approximately 1,500 people. Revenues for the division were $968

million in 2015.

“We're 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're poised to build upon our legacy of innovation

and success and look forward to driving profitable growth and creating

value for our new shareholders.”

The separation occurred by means of a pro-rata distribution of all of

the stock of Ingevity to WestRock stockholders. Under the terms of the

separation, stockholders who held WestRock stock as of the close of

business on May 4, 2016, the record date for the distribution, received

one share of Ingevity common stock for every six common shares of

WestRock. This distribution occurred on May 15, 2016. No fractional

shares of Ingevity stock were issued.

Since May 2, 2016, Ingevity shares have traded on a “when-issued” basis

on the New York Stock Exchange, under the symbol “NGVT.WI,” permitting

investors to trade the right to receive Ingevity shares in the

distribution. “When-issued” trading of common shares ended at the close

of the market on May 13, 2016.

Ingevity: Purify, Protect and Enhance

Ingevity (NYSE: NGVT) provides specialty chemicals and high-performance

carbon materials and technologies that help customers solve complex

problems. These products are used in a variety of demanding

applications, including asphalt paving, oil exploration and production,

agrochemicals, adhesives, lubricants, printing inks and automotive

components that reduce gasoline vapor emissions. Through a team of

talented and experienced people, Ingevity develops, manufactures and

brings to market products and processes that purify, protect and enhance

the world around us. Headquartered in North Charleston, S.C., Ingevity

operates from 25 locations around the world and employs approximately

1,500 people. For more information, visit www.ingevity.com.

Forward-Looking Statements

This announcement contains “forward-looking statements,” that's,

information related to future, not past, events. Such statements

generally include the words “may,” “could,” “should,” “believes,”

“plans,” “intends,” “targets,” “will,” “expects,” “suggests,”

“anticipates,” “outlook,” “continues,” “forecast,” “project,” or similar

expressions. Forward-looking statements include, without limitation,

expected financial positions. Results of operations. Cash flows.

financing plans. Business strategy. Operating plans. Capital and other

expenditures. Competitive positions. Growth opportunities for existing

products. Benefits from new technology and cost reduction initiatives,

plans and objectives. Markets for securities. Like other businesses,

Ingevity is subject to risks and uncertainties that could cause its

actual results to differ materially from its projections or that could

cause other forward-looking statements to prove incorrect. Factors that

could cause actual results to materially differ from those contained in

the forward-looking statements. That could cause other

forward-looking statements to prove incorrect, include, without

limitation, general economic and financial conditions. International

sales and operations. Currency exchange rates and currency devaluation.

compliance with U.S. and foreign regulations by operations outside the

United States. Attracting and retaining key personnel. Conditions in the

automotive market. Worldwide air quality standards. Declining volumes in

the printing inks market. Government infrastructure spending. The

limited supply of crude tall oil (“CTO”). Lack of access to sufficient

CTO. Access to and pricing of raw materials. Competition from producers

of substitute products. A prolonged period of low energy prices. The

provision of services by third parties at several facilities. Natural

disasters, such as hurricanes, winter or tropical storms, earthquakes,

floods, fires or other unanticipated problems such as labor

difficulties, equipment failure or unscheduled maintenance and repair.

protection of intellectual property and proprietary information.

government policies and regulations, including. Not limited to,

those affecting the environment, climate change, tax policies and the

chemicals industry. Lawsuits arising out of environmental damage or

personal injuries associated with chemical manufacturing. These and

other important factors that could cause actual results or events to

differ materially from those expressed in forward-looking statements

that may have been made in this document are described or will be

described in our filings with the U.S. Securities and Exchange

Commission, including our Form 10 Registration Statement. Readers are

cautioned not to place undue reliance on Ingevity’s projections and

forward-looking statements, which speak only as the date thereof.

Ingevity undertakes no obligation to publicly release any revision to

the projections and forward-looking statements contained in this

announcement. To update them to reflect events or circumstances

occurring after the date of this announcement.