The Shadow
NORTH CHARLESTON, S.C. — Ingevity Corp. has approved an authorization for the repurchase of up to $500 million of its outstanding common stock.
In addition, the company intends to purchase up to $250 million in shares over the next 12 to 18 months.
The company’s 2017 and 2018 stock repurchase plans have been rescinded in favor of this new authorization.
“We are committed to utilizing our capital in the best interests of our shareholders. Given current market conditions, and our expectations for Ingevity, we believe prioritizing share repurchases is warranted,” said Rick Kelson, Ingevity’s chairman of the board, and interim president and CEO. “This authorization provides us with the necessary flexibility to be opportunistic throughout the year.”
Share repurchases may be made from time to time in either open market or private transactions.
The repurchase program does not require the company to acquire any specific number of shares, and the program may be suspended or discontinued at any time.
The timing, volume and nature of share repurchases will be at the discretion of management, depending on market conditions, alternative options for the use of cash, applicable securities laws and other factors.
Headquartered in North Charleston, S.C., Ingevity operates from 25 locations around the world and employs approximately 1,850 people. The company has a specialty chemicals plant in Covington.
