South Carolina, US – Ingevity has reported net sales of $1.4bn in 2024. This represents a 17% decline on the $1.7bn achieved in the previous year. This, the company said, was primarily a result of the repositioning of its performance chemicals business which led to it exiting lower-margin end markets.
Its adjusted EBITDA of $363m was down 3.8%, from 2023’s $377m. The net loss of $430m reflected a $350m pre-tax goodwill impairment, and a further $340m of special charges, most of which resulted from the repositioning in performance chemicals.
Record sales in performance materials were offset by lower sales in industrial specialties, the company said. In the advanced polymer technologies segment, sales were down as a result of adverse mix and price concessions in some markets.
Volumes were up in advanced polymer technologies, despite continued weak industrial demand. However, this growth in volumes was more than offset by an adverse mix and selective price concessions that it implemented to maintain share.
