North Charleston, South Carolina — Sales of performance chemicals at Ingevity were up by 6.9% in the third quarter of 2019 at $229.7m. In the same period last year, sales were $214.9m..
Capa keeps giving at Ingevity in Q3 2019
EBITDA in the division was 21.8% higher than in the third quarter of 2018, at $59.8m.
'Weak market fundamentals, especially in Europe and Asia' hit sales in most areas of the performance chemicals segment,' said CEO Michael Wilson. 'Against this backdrop, we benefited from the acquisition of the Capa caprolactone business.'
The company accounts for Capa as engineered polymers in its performance chemicals division.
Company wide sales were $359.90m the third quarter of 2019. This represents a 15.6% increase on the same period in 2018.
EBITDA across the business rose 25.7%, and hit $59.8m in the third quarter of 2019. The company generated free cash flow of $97m, up 40% on Q3 2018. It used the extra money to reduce leverage, and bring its net debt-to-adjusted-EBITDA ratio down to 2.9x.