NORTH CHARLESTON, S.C. - Ingevity Corporation (NYSE:NGVT) today welcomed J. Kevin Willis, the current senior vice president and chief financial officer at Ashland Inc . (NYSE:NYSE:ASH), to its board of directors. Willis's appointment expands the board to nine members, with eight serving independently. According to InvestingPro data, Ashland maintains strong financial health with a current ratio of 2.44 and has consistently paid dividends for 54 consecutive years.
Willis brings over three decades of financial and operational expertise to the Ingevity board, particularly in the areas of capital management and corporate transformation. His experience includes a variety of roles at Ashland, where he has been instrumental in guiding the company through strategic initiatives and driving shareholder value. Under his financial leadership, Ashland has demonstrated strong shareholder-friendly policies, with management actively buying back shares and maintaining a healthy 2.17% dividend yield. This includes his involvement in Ashland's separation from Valvoline (NYSE:VVV), which stands as a testament to his capability in executing returns-driven capital allocation and operational efficiency improvements. InvestingPro analysis reveals over 10 additional key insights about Ashland's performance and outlook.
Jean Blackwell, chair of Ingevity's board, expressed confidence in Willis's ability to contribute to Ingevity's strategic and operational objectives, emphasizing the anticipated benefits of his experience in steering a sustainability-focused chemicals company.
Ingevity is a company dedicated to developing products that purify, protect, and enhance the environment. With operations in over 30 countries and a workforce of around 1,600, the company's portfolio includes performance materials like activated carbon, advanced polymer technologies, and performance chemicals used in various applications from adhesives to automotive components. For detailed financial analysis and comprehensive research reports on both companies, visit InvestingPro, which offers expert insights on over 1,400 US stocks.
The addition of Willis to the board is a move that Ingevity believes will further its mission to deliver sustainable value creation. This change in the board's composition is effective as of today, according to the company's press release statement.
In other recent news, Ashland Inc. exhibited a promising financial performance in the fourth quarter of fiscal year 2024, reporting a 1% rise in sales to $522 million, a 68% surge in adjusted EBITDA to $124 million, and a substantial 207% growth in adjusted EPS to $1.26 per share. The company's management has outlined ambitious financial targets, aiming for $600 million in EBITDA by 2027, up from the current $445 million. However, BMO Capital and Deutsche Bank (ETR:DBKGn) have adjusted their price targets on Ashland's shares due to operational challenges and a weaker performance in the China coatings market.
In addition to these developments, Ashland announced the departure of its Vice President, Finance and Principal Accounting Officer, Eric F. Boni. The company also maintains a robust financial position with $300 million in cash and total liquidity of $896 million. For fiscal 2025, Ashland is projecting adjusted EBITDA to range from $430 million to $470 million, and sales between $1.9 billion and $2.05 billion.
These recent developments reflect Ashland's strategic focus on improving its competitive positioning amidst economic uncertainties. The company's future performance will largely depend on the successful execution of these strategies and the revival of market demand.
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