Ingevity to acquire pavement marking materials provider Ozark Materials
Ingevity Corporation, an American chemical manufacturing company, has agreed to acquire Ozark Materials, LLC and Ozark Logistics, LLC (together Ozark Materials) in an all-cash deal worth $325 million.
Ozark Materials, which is headquartered in Greenville, Alabama, produces pavement marking materials. Its products include thermoplastic pavement markings, preformed thermoplastics, and waterborne traffic paints.
The pavement marking materials supplier provides specialty materials for roadway applications across the US and Canada. Its customers include state transportation departments, cities, universities, civil and highway contractors, and airports.
Ozark Logistics, on the other hand, is a logistics provider which has a dedicated fleet of vehicles located across five US states.
John Fortson — Ingevity Corporation president and CEO said that the announcement “represents an important step for Ingevity, strengthening our position in the paving construction industry while moving us one step downstream where we can better serve our end customers.
“Ozark Materials has established itself as a leading player within the pavement marking materials industry, which is expected to continue to benefit from several macro-level tailwinds, including increased infrastructure spending and the need for more road markings to support autonomous vehicles.”
Ozark Materials has four manufacturing locations as well as a distribution center.
Ingevity Corporation will include Ozark Materials in its performance chemicals business segment.
Rich White — Ingevity Corporation Performance Chemicals senior vice president and Industrial Specialties and Pavement Technologies president said: “Ozark Materials’ history of new product development and commitment to superior customer service aligns perfectly with our ‘Ingevity 2.0’ approach to customer-driven innovation.
“We are excited to welcome Ozark Materials’ employees to Ingevity and look forward to working together as we continue providing best-in-class service for our customers.”
The deal, which is subject to receipt of regulatory approval and other conditions, is likely to close by early Q4 2022.