Ingevity Corp. (North Charleston, S.C.) announced that it has signed a definitive agreement and has successfully closed on the sale of its Ozark Materials road markings business to PPG (Pittsburgh, Pa.). The all-cash transaction results in proceeds to Ingevity of approximately $65 million, subject to customary adjustments.
“The sale of Ozark Materials represents another step forward in sharpening our portfolio and focusing Ingevity on the businesses where we are best positioned to grow and create long term value,” said Dave Li, Ingevity president and CEO. “PPG brings strong expertise in pavement marking solutions, and we are confident Ozark will thrive under their ownership. We thank our Ozark colleagues for their contributions to Ingevity and wish them well in the future.”
This divestiture is limited solely to Ingevity’s Ozark Materials road markings business and does not impact the company’s Pavement Technologies business. Ingevity remains fully committed to serving its paving customers with its well‑established, differentiated portfolio of pavement preservation and road construction technologies.