In the company’s performance chemicals business, which houses speciality polyols, sales rose by 7.5% between the first quarter of 2020 and the first quarter of 2021. They reached $179.6m in the first quarter of 2021. This compares with $167.1m in the equivalent period in 2020.
At the same time, adjusted EBITDA in the division rose 2.3%. It reached $31.7m in the first quarter of 2021. This compares with $31m in the equivalent period in 2020.
The rise in earnings was as a result of improved polyurethane demand in industrial equipment, automotive applications, electronic devices and footwear. Volumes and prices rose across the business.
John Forston, CEO, said: ‘In performance chemicals, we drove a sharp increase in engineered polymers sales. We also experienced slight increases in both industrial specialties and pavement technologies sales,’ said Fortson. ‘As a note, we have combined our sales of oilfield technologies products into industrial specialties.’
Looking ahead to the rest of the year, Ingevity said it is watching fright costs, and raw material disruptions. Despite these concerns and worries over the current disruption in the automotive industry, Ingevity is raising its forecasts.