WestRock Completes Spin-off of Specialty Chemicals Business Unit

United States: WestRock, a US based manufacturer and distributor of specialty chemicals and packaging solutions, has completed the spin-off of its specialty chemicals business segment into a new business entity named as Ingevity. The new business unit would operate as new independent public company and would be traded in the New York Stock Exchange under the ticker symbol "NGVT”. Ingevity would be involved in the manufacturing & distribution of specialty chemicals and high performance carbon materials. Ingevity would hire 1,500 employees through its U.S., Brazil and China manufacturing facilities and would address the needs of the customers across 60 countries. WestRock decided to separate Ingevity from its business segment and operate it as independent company, as it was not in line with the packaging business of the WestRock. 

TechSci Research depicts that this spin off would improve the position of both the businesses of WestRock in their respective markets. This would help the company to focus on long term growth and capturing profitable opportunities. The specialty chemicals produced by Ingenity are widely used in various applications, including agrochemicals. This spin-off would help Ingenity in increasing its penetration in the global agrochemicals business.