North Charleston, South Carolina — Ingevity, which bought the CAPA polycaprolatones business from Perstorp in February, generated total sales of $ 276m in first quarter of 2019. This is up 17.7% on the first quarter of the previous financial year.
CAPA business boosts Ingevity in Q1 2019
Wilson: strategic purchase
Gross profit across the business rose 24.4% and reached $ 97.1m in the first quarter of 2019.
Ingevity's Performance Chemicals segment contains the Capa materials. The Engineered Polymers business is their home for accounting purposes.
Following the purchase, the company's Performance Materials business sales rose 20% between Q1 2018 and Q1 2019. They reached $ 167.7m in the Q1 2019 period. This compares with $ 139.7m in the previous period.
In addition, the caprolactone acquisition contributed net sales of $ 24.2m in the 13 February to 31 March 2019 period. These fed directly into adjusted EBITDA. Across the division this rose 29.7% and reached $32.3 m in the first quarter of 2019.
Michael Wilson is CEO of Ingevity. He said 'our newly acquired engineered polymers product line contributed significantly to the Performance Chemicals segment in terms of our adjusted EBITDA.'
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