WestRock Co.’s MWV Specialty Chemicals division is changing its name.
The North Charleston-based business said Wednesday that it will be known as Ingevity starting Sept. 1 as it prepares to be spun off as a separate standalone business.
“Ingevity is a unique expression of our purpose – to turn our customers’ complex challenges into powerful possibilities,” said Ed Rose, president of MWV Specialty Chemicals. “The name speaks to our long-standing record of success and commitment to serving our customers through innovative products, processes and services. Our announcement 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 chemical business spin-off was announced earlier this year by MeadWestvaco Corp., which merged with Rock-Tenn Co. to form WestRock on July 1.
Ingevity is expected to become a separate, publicly traded business by the end of the year. If the deal is completed, WestRock shareholders would get the stock through a tax-free handoff.
The chemical company’s local headquarters is on Virginia Avenue, across from the former MeadWestvaco Cooper River paper mill. Its chemists turn sawdust and other wood waste into renewable additives used in the emissions, oil, asphalt, ink and adhesives industries.
The locally based division had sales of $239 million and earnings of $49 million in the first quarter.
Contact John McDermott at 937-5572.