Ingevity Corporation: Sound free cash flow supports investments in growth areas
Our credit view of Ingevity reflects its strong profit margins and free cash flow generation, offset by its moderate business scale. Free cash flow will support business investments.Ingevity is a manufacturer of specialty chemicals and activated carbon materials. The company reports in two business segments: Performance Materials, which manufactures and sells hardwood-based, chemically activated carbon products, produced through a technical and specialized process primarily for use in gasoline vapor emission control systems in cars, trucks, motorcycles and boats; and Performance Chemicals, which is comprised of four application areas (pavement technologies, oilfield technologies, industrial specialties, and engineered polymers), develops, manufactures, and sells a range of specialty chemicals primarily derived from co-products of the kraft pulping process and caprolactone.
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