Ingevity Corp (NYSE: NGVT)

Ingevity Corp (NGVT) operates in the chemical industry, providing products and technologies that purify, protect, and enhance the world around us. The company's main business activities encompass the development, manufacture, and marketing of a diverse range of products, including adhesives, agrochemicals, asphalt paving, bioplastics, coatings, elastomers, lubricants, pavement markings, publication inks, oil exploration and production, and automotive components. These activities span across three reporting segments: Performance Materials, Performance Chemicals, and Advanced Polymer Technologies. Ingevity's operations span various countries and regions, including the U.S. and China.

Revenue for Ingevity is generated through the sale of its wide array of products to a diverse customer base, which includes automotive parts manufacturers, oil and gas companies, and construction companies. The company's primary products include automotive activated carbon products, which are used in gasoline vapor emission control systems in internal combustion engines and hybrid electric vehicles. Additionally, Ingevity produces a range of other activated carbon products for food, water, beverage, and chemical purification applications.

Ingevity holds a leadership position in the development and production of activated carbon products for various industrial applications. The company boasts a strong track record of providing high-quality products that meet the needs of its customers and has established relationships with many of the world's largest automotive parts manufacturers. Key competitors of Ingevity include Norit, Kuraray Co., Ltd., and several domestic U.S. manufacturers and distributors of imported products and Chinese manufacturers. Ingevity's competitive advantages include its decades-long track record of providing activated carbon products that achieve life-of-vehicle emission standards, as well as its application expertise and broad and diverse customer base.

Ingevity's Performance Materials segment is responsible for the production and sale of automotive activated carbon products, as well as other activated carbon products for various industrial applications. This segment serves customers globally from three manufacturing locations in the U.S. and two in China. The top ten customers of this segment accounted for approximately 82 percent of sales in 2023, with notable customers including Ergon, Inc., The Heritage Group, and Idaho Asphalt Supply Inc.

The Performance Chemicals segment is comprised of two product lines: road technologies and industrial specialties. This segment serves customers globally from six manufacturing locations in the U.S. and produces products derived from CTO, a co-product produced by softwood kraft pulp processors. The top ten customers of this segment accounted for approximately 22 percent of sales in 2023, with notable customers including Haliburton, Solenis, Flint Group, H.B. Fuller Co. and ChampionX.

Ingevity's Advanced Polymer Technologies segment is responsible for the production and sale of engineered polymers, including caprolactone-based products. This segment serves customers globally from one manufacturing location in the U.S. and produces products that are used in a variety of demanding applications, including adhesives, coatings, and elastomers. The top ten customers of this segment accounted for approximately 47 percent of sales in 2023, with notable customers being polyurethane, adhesive, coatings, and bioplastics manufacturers.

Ingevity's product and service offerings include a wide range of activated carbon products, automotive activated carbon products, caprolactone-based products, road technologies, industrial specialties, and various other products and technologies that purify, protect, and enhance the world around us. These offerings are marketed under the Ingevity brand, as well as other trade names, such as WestRez, Activated Carbon Technologies, Capa, and Nuchar.