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NORTH CHARLESTON - Ingevity Corporation (NYSE:NGVT), a specialty chemicals manufacturer with a market capitalization of $1.57 billion, announced that Ed Woodcock, executive vice president and president of Performance Materials, left the company effective July 1. Woodcock concluded a 37-year career with the specialty chemicals manufacturer. According to InvestingPro data, the company maintains a strong liquidity position with current assets exceeding short-term obligations by a ratio of 2.0.
During his tenure, Woodcock led the growth of Ingevity’s activated carbon business in automotive emissions capture and positioned the segment for expansion into hybrid and electric vehicle battery markets.
"Ed Woodcock’s leadership has been foundational to the successful growth of Ingevity’s Performance Materials activated carbon business as the industry leader in automotive emissions capture," said Ingevity president and CEO Dave Li in a press release statement.
The company has initiated a search for Woodcock’s replacement. In the interim, Andrew Fox, vice president of Performance Materials and president of the Asia-Pacific region, and Jonathan MacIver, vice president global commercial for Performance Materials, will manage the segment. Woodcock will remain available to assist with the leadership transition.
Ingevity maintained its previously disclosed full-year financial guidance despite the leadership change.
The North Charleston-based company operates in three segments: Performance Materials, Advanced Polymer Technologies, and Performance Chemicals. Ingevity produces specialty materials used in applications including adhesives, agrochemicals, asphalt paving, bioplastics, coatings, and automotive components. The company employs approximately 1,600 people across 24 global locations. For detailed insights into Ingevity’s financial health, growth prospects, and comprehensive analysis, investors can access the full company research report available on InvestingPro, which covers over 1,400 US stocks with expert analysis and actionable intelligence.
In other recent news, Ingevity Corp reported its Q1 2025 earnings, showing an EPS of $0.99, which surpassed analyst expectations of $0.74. However, the company fell short on revenue, posting $284 million compared to the anticipated $298.47 million. Despite the revenue miss, Ingevity’s focus on operational efficiency resulted in improved gross and EBITDA margins, marking the fourth consecutive quarter of margin expansion. Jefferies analyst Daniel Rizzo adjusted Ingevity’s stock price target from $51 to $47, maintaining a Buy rating, and noted the company’s first-quarter EBITDA of $91 million exceeded consensus by $11 million. Rizzo also revised Ingevity’s 2025 EBITDA forecast downward by 2% at the midpoint, citing challenges such as a potential decline in auto production affecting activated carbon volumes. The company is prioritizing debt reduction amid these conditions, reflecting strategic financial management. Additionally, Ingevity has adjusted its full-year 2025 guidance to account for a potential slowdown in auto production and aims to reduce leverage to less than 2.8x by year-end. The company remains optimistic about its strategic investments, such as the Nexeon battery technology, which could drive future growth.
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