Ingevity Corporation has finalized the sale of its North Charleston crude tall oil (CTO) refinery assets, along with the majority of its Performance Chemicals Industrial Specialties product line, to Mainstream Pine Products, LLC. The all-cash transaction delivered $110 million at closing, with an additional contingent consideration of up to $19 million tied to future performance milestones. These assets were housed on Ingevity’s North Charleston Performance Chemicals manufacturing campus and represented the company’s remaining CTO-based product lines.

This divestiture marks a key milestone in Ingevity’s December investor event roadmap to simplify its business and sharpen its focus on higher-margin specialty materials. By exiting CTO-based operations while retaining Pavement Technologies and lignin-based dispersant products, the company is positioning its three reporting segments—Performance Materials (activated carbon), Advanced Polymer Technologies (caprolactone polymers) and Performance Chemicals (specialty chemicals and pavement technologies)—for sustained growth in demanding applications such as asphalt paving, automotive components and certified biodegradable bioplastics.

Proceeds from the sale strengthen Ingevity’s balance sheet and provide additional liquidity to support capital allocation toward specialty applications. Headquartered in North Charleston, South Carolina, the company operates 24 locations worldwide and employs approximately 1,500 individuals. Management indicates that freeing up capital from CTO operations will accelerate investment in capacity expansions for activated carbon and pavement marking technologies, which historically deliver double-digit operating margins.