Ingevity is a specialty chemicals company built around two core businesses: Performance Materials and Pavement Technologies. Performance Materials makes activated carbon products — granules, pellets, and honeycomb scrubbers — from hardwood sawdust, primarily for automotive evaporative emission control (EVAP) canisters. These canisters are required by emissions regulations in all major auto markets and are installed in every gasoline-powered and hybrid vehicle, making the product effectively a mandatory component for automakers. Revenue scales with global non-EV vehicle production, vehicle size (larger vehicles require more carbon), and annual pricing increases that Ingevity can push through given the mission-critical, recall-risk nature of the product. This segment runs EBITDA margins above 50%. Pavement Technologies makes specialty asphalt additives, including Evotherm, a warm mix asphalt technology, as well as preservation and recycling emulsifiers. This business is highly seasonal, with roughly 90% of segment EBITDA earned in Q2 and Q3, and is driven by government road construction and maintenance budgets globally. Ingevity is in the process of simplifying its portfolio: it sold its Industrial Specialties business in early 2026, and has initiated sale processes for its Advanced Polymer Technologies unit (caprolactone-based specialty polymers) and its Road Markings product line. Once those divestitures close, Ingevity will be primarily a Performance Materials business with a seasonal Pavement Technologies operation attached.