COVID-19 forces cuts at chemical maker Ingevity

The pine chemical maker Ingevity is cutting costs because of the COVID-19 pandemic. It will furlough employees and make workforce reductions through early retirement and other measures. It will also suspend some benefits, including matching contributions for 401(k) retirement plans, and reduce outlays for consulting and other services. “Some of these measures are temporary, but many are permanent,” says interim CEO Rick Kelson. Ingevity doesn’t say how much the measures will save but does say that they will help it remain within its 2020 target of $310 million–$350 million in pretax earnings and $1.1 billion–$1.2 billion in sales.