May 11, 2020
Ingevity acquires the assets of Adsorbed Natural Gas Products, Inc.
NORTH CHARLESTON, S.C., May 11, 2020 – Ingevity Corporation (NYSE: NGVT) has announced that it has acquired the assets of Adsorbed Natural Gas Products, Inc. (ANGP), Johns Island, South Carolina. Since 2013, Ingevity has worked with ANGP to advance adsorbed natural gas (ANG) bi-fuel vehicle technology made possible by Ingevity’s decades of expertise in the automotive gasoline evaporative emissions control market. The unique performance characteristics of Ingevity’s activated carbon Nuchar® FuelSorb™ monoliths reduce the onboard storage pressure of natural gas and enables its cost-effective use as a transportation fuel. The terms of the transaction were not disclosed.
The acquisition comes after eight years of Ingevity’s continued investment in the commercialization of ANG technology and is intended to streamline and accelerate its adoption. Ingevity will assume direct responsibility for partnering with key stakeholders already engaged in ANG market and product development activities.
Under the direction of ANGP’s chief executive officer, Bob Bonelli, the company developed a novel, industry-leading approach to fueling bi-fuel natural gas vehicles and assembled a coalition of development partners – including Ingevity – focused on bringing the technology to market. Recently, SoCalGas (of Sempra Energy) in California, Atlanta Gas & Light in Georgia, as well as Illinois-based Ozinga Energy, have implemented pilot programs for light-duty trucks to demonstrate ANG technology’s cost efficiencies and greenhouse gas reductions through the use of clean-burning natural gas.
We are pleased that ANGP’s Bob Bonelli will join Ingevity to continue driving the commercialization of this market-leading ANG technology.
“Ingevity is committed to growing our core automotive carbon business and we continue to see ANG as an attractive innovation investment for the company,” said Ed Woodcock, executive vice president and president, Performance Materials at Ingevity. “Our acquisition of ANGP’s assets demonstrated our ongoing investment in ANG technology, and ultimately enables us to more fully dedicate resources to support this important platform.”
“Ingevity has been an integral part of the development of ANG technology and is well suited to propel this business into the next phase of market introduction,” said Bob Bonelli, chief executive officer of ANGP. “I look forward to being part of the Ingevity team and continuing to showcase the value of ANG to natural gas utility and commercial fleets across the U.S.”
Ingevity: Purify, Protect and Enhance
Ingevity provides specialty chemicals, high-performance carbon materials and engineered polymers that purify, protect and enhance the world around us. Through a team of talented and experienced people, Ingevity develops, manufactures, and brings to market products and processes 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, publication inks, coatings, elastomers, bioplastics and automotive components that reduce gasoline vapor emissions. Headquartered in North Charleston, South Carolina, Ingevity operates from 25 locations around the world and employs approximately 1,850 people. The company is traded on the New York Stock Exchange (NYSE: NGVT). For more information visit www.ingevity.com.
Cautionary Statements About Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Such forward looking statements generally include the words “may,” “could,” “should,” “believes,” “plans,” “intends,” “targets,” “will,” “expects,” “suggests,” “anticipates,” “outlook,” “continues,” “forecast,” “prospect,” “potential” or similar expressions. Forward-looking statements may include, without limitation, expected financial positions, results of operations and cash flows; financing plans; business strategies and expectations; operating plans; impact of coronavirus; synergies and the potential benefits of the acquisition of Perstorp Holding AB’s Capa® caprolactone business (the “acquisition”); 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 and expected future repurchases of shares, including statements about the manner, amount and timing of repurchases. Like other businesses, Ingevity is subject to risks and uncertainties that could cause its actual results to differ materially from its expectations 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, or that could cause other forward-looking statements to prove incorrect, include, without limitation, adverse effects from the COVID-19 pandemic; risks that the expected benefits from the acquisition may not be realized or will not be realized in the expected time period, the risk that the acquired business will not be integrated successfully and the risk of significant transaction costs and unknown or understated liabilities; adverse effects of general economic and financial conditions; risks related to international sales and operations; impacts of currency exchange rates and currency devaluation; compliance with U.S. and foreign regulations concerning our operations outside the U.S.; changes in trade policy, including the imposition of tariffs; the impact of the United Kingdom’s withdrawal from the European Union; attracting and retaining key personnel; adverse conditions in the global automotive market or adoption of alternative and new technologies; competition from producers of alternative products and new technologies, and new or emerging competitors; competition from infringing intellectual property activity; worldwide air quality standards; a decrease in government infrastructure spending; declining volumes and downward pricing in the printing inks market; the limited supply of or lack of access to sufficient crude tall oil; 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, tornados, floods, fires; other unanticipated problems such as labor difficulties, equipment failure or unscheduled maintenance and repair; protection of intellectual property and proprietary information; information technology security breaches and other disruptions; complications with designing and implementing our new enterprise resource planning system; government policies and regulations, including, but not limited to, those affecting the environment, climate change, tax policies, tariffs and the chemicals industry; and lawsuits arising out of environmental damage or personal injuries associated with chemical or other manufacturing processes. 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 and will be more particularly described in our filings with the U.S. Securities and Exchange Commission, including our Form 10-K for the year ended December 31, 2019 and our other periodic filings. 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 press release, or to update them to reflect events or circumstances occurring after the date of this press release.