North Charleston, South Carolina — Ingevity, which makes Capa speciality polyols, had Group sales of $629.6m the first half of 2019. This is higher by 15.78% than the same period in 2018.
Capa boosts Ingevity in H1 2019
Adjusted EBITDA across the business rose 22.6% and hit $191.8m the first half of 2019. The numbers are contained in a report to the US SEC.
The company's performance chemicals business had sales which rose by 12.83% between the first half of 2018 and 2019. They reached $397.4m in the first half of 2019. This compares with $352.2m the first half 2018.
At the same time, adjusted EBITDA in the division increased by 27.51%. It hit $91.3m the first half of 2019. This compares with $71.6m the 2018 period.
Looking at the second half, Ingevity said the engineered polymers product line — which was formed with the acquisition of the Capa caprolactone business — was the largest contributor to the sales increase in performance chemicals. Sales from engineered polymers were $58.5 m in the quarter
'While the engineered polymers products added significantly to our reported results, sales were below the prior year’s pro forma period due to market conditions,' said Michael Wilson. He is Ingevity’s president and CEO.
Nonetheless, Wilson added 'we remain excited about the long-term potential for growth in this business,' he said.