NORTH CHARLESTON, S.C.--(BUSINESS WIRE
)--Ingevity Corporation (NYSE:NGVT) today announced that its board of directors has approved an authorization for the repurchase of up to $500 million of Ingevity’s outstanding common stock. In addition, the company stated that it intends to purchase up to $250 million in shares over the next 12 to 18 months. The company’s 2017 and 2018 stock repurchase plans have been rescinded in favor of this new authorization.
“We are committed to utilizing our capital in the best interests of our shareholders. Given current market conditions, and our expectations for Ingevity, we believe prioritizing share repurchases is warranted,” said Rick Kelson, Ingevity’s chairman of the board, and interim president and CEO. “This authorization provides us with the necessary flexibility to be opportunistic throughout the year.”
Share repurchases may be made from time to time in either open market or private transactions. The repurchase program does not require the company to acquire any specific number of shares, and the program may be suspended or discontinued at any time. The timing, volume and nature of share repurchases will be at the discretion of management, depending on market conditions, alternative options for the use of cash, applicable securities laws and other factors.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