07:19 AM EDT, 09/04/2025 (MT Newswires) -- Ingevity ( NGVT ) said Thursday that it signed a definitive deal to sell its North Charleston crude tall oil refinery assets and the majority of its performance chemicals industrial specialties product line to Mainstream Pine Products.

The company estimates net proceeds of about $110 million from the sale, plus up to $19 million in potential contingent payments based on certain business performance milestones.

Ingevity ( NGVT ) said the deal also includes a series of agreements with Mainstream Pine Products for refinery products supply, toll manufacturing, and reciprocal plant operations. According to the company, the sale agreement reduces its portfolio volatility and improves its margin and cash flow profile.

The sale is expected to close by early 2026 and is not expected to impact the production of Ingevity's ( NGVT ) road technologies products and certain lignin-based dispersants manufactured at the North Charleston plant, the company said.