Ingevity Corporation issued a letter to stockholders on February 25, 2025, highlighting significant momentum from actions taken to drive improved performance and value creation. The company realized $84 million in savings from its Performance Chemicals repositioning actions in 2024, exceeding its target of $65-$75 million, and expects an additional $10-$25 million in 2025.
The company reported that its second half 2024 EBITDA margins increased to approximately 28% and free cash flow significantly exceeded prior guidance. Ingevity is targeting a net leverage ratio of below 2.8x by year-end 2025 and expects to achieve $400 million to $415 million in EBITDA for 2025.
Ingevity also addressed engagement with Vision One Management Partners, stating that Vision One's nominated director candidates lacked relevant sector or public company executive experience. The Board emphasized its commitment to identifying directors with expertise aligned with the company's strategic needs and ongoing portfolio review.
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