Ingevity Corp. recently announced it has reached an agreement with Georgia-Pacific to acquire its pine chemicals business for a cash purchase price of $315 million. Ingevity reportedly expects to close on the transaction in late 2017.
Georgia-Pacific’s pine chemicals business manufactures and sells pine-based tall oil fatty acids, tall oil rosin, and tall oil rosin esters used in adhesives, cleaners, coatings, inks, and more. Approximately 90% of its revenues are in North America. The business manufactures the majority of its products at a Georgia-Pacific site in Crossett, Ark., and employs approximately 70 people.
In purchasing the pine chemicals business, Ingevity will reportedly acquire the pine chemicals-related assets at the Crossett plant, saleable inventory, customer lists and the book of business, as well as various patents and trade names associated with acquired product lines.
Top 5 News that Sticks for August 27-September 2
1. Ingevity to Acquire Georgia-Pacific’s Pine Chemicals Business (#3 last week)
2. Evonik Building Copolyesters Plant (#2 last week)