Ingevity Corp. (North Charleston, S.C.; www.ingevity.com) has signed an agreement to acquire the remaining 30% interest in the joint venture Purification Cellutions, LLC, Waynesboro, Georgia, from its partner Applied Technology Limited Partnership, Doraville, Georgia. The purchase price is approximately $80 million. The acquisition is expected to close in the third quarter.
Ingevity currently owns 70% of Purifications Cellutions. The joint venture manufactures “honeycomb” scrubbers which are key components of Ingevity’s technology used by the automotive industry to comply with U.S. Environmental Protection Agency (EPA) Tier 3 and California LEV III gasoline vapor emission control standards.
“This acquisition of the remainder of Purifications Cellutions is further evidence of our strong commitment to serving our automotive customers,” said Michael Wilson, Ingevity’s president and CEO. “We remain confident in the long-term prospects for gasoline vapor emission control applications. We are excited to complete this acquisition which will strengthen our operational control and flexibility and give us full value for our investment in new technologies.”
Purifications Cellutions has been rapidly expanding its production capacity at Waynesboro. The plant began operations in 2002, and currently employs approximately 200 people.