MWV Specialty Chemicals to be Renamed Ingevity
Ingevity has been selected as the new name for the MWV Specialty Chemicals division of US packaging producer WestRock Company, set to become a standalone company by the end of this year.
The change will become effective on Sept. 1. The division, which has an operating margin of 23%, manufactures chemicals derived from pine and wood-based activated carbon.
Ed Rose, president of MWV Specialty Chemicals, said the separation is the “first step in a comprehensive plan to launch our brand, and define our future as a separate and independent company that will be better positioned to profitably grow in our targeted markets.”
The spin-off is expected to be executed by means of a tax-free spinoff to shareholders of WestRock, resulting in two independent, publicly traded companies.
“Ingevity is a unique expression of our purpose – to turn our customers’ complex challenges into powerful possibilities,” said Rose.
