en.Wedoany.com Reported - Ingevity (North Charleston, S.C.) has reached an agreement with PPG (Pittsburgh, Pa.) for the sale of its Ozark Materials road marking business. The transaction is an all-cash deal expected to generate approximately $65 million in proceeds for Ingevity, subject to customary adjustments.

Ingevity President and CEO Dave Lee stated: "The sale of the Ozark Materials business is a key step in optimizing our business portfolio. It allows us to focus resources on areas with the greatest growth potential, laying the foundation for long-term value creation. PPG possesses expertise in pavement marking solutions, and we believe the Ozark business will thrive under their management. We also thank the Ozark team for their contributions to the company and wish them the best in their future endeavors."

This divestiture involves only Ingevity's Ozark Materials road marking business and does not affect the company's pavement technology business. Ingevity will continue to provide its paving customers with comprehensive services, including its established portfolio of pavement maintenance and road construction technologies, to strengthen its market position within the industry.

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