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NGVT

Ingevity

$90.05

0.07 (0.08%)

16:42
07/19/18
07/19
16:42
07/19/18
16:42

Ingevity files suit against BASF for infringing on canister systems patent

Ingevity has taken proactive steps to protect and defend its patent covering canister systems used in the control of automotive gasoline vapor emissions.The company today brought a range of legal actions against two companies - BASF Corp., Florham Park, New Jersey, and MAHLE Filter Systems North America, Inc., Murfreesboro, Tennessee - alleging patent infringement. Ingevity's patent covers certain canister systems designed to achieve gasoline vapor emission levels that comply with the most stringent U.S. Environmental Protection Agency Tier 3 and California LEV III regulations. Ingevity's patent rights preclude third parties - including competitors, suppliers, testing facilities and automotive original equipment manufacturers - from engaging in development activities, such as prototype creation, testing, marketing and qualifying, during the life of the patent which is set to expire in March 2022. "Ingevity has invested and is continuing to invest significantly in our automotive gasoline vapor emission control technology," said Michael Wilson, Ingevity's president and CEO. "Our leadership and expertise in this application are unique and it's incumbent upon us to defend our innovations against infringement - including premature development activity - for the benefit of our customers and shareholders. What's more, we continue to build new capacity and develop new patented technologies to help solve our customers' challenges just as we have successfully done for the past four decades." Ingevity's suit against BASF, filed in U.S. District Court in Wilmington, Delaware, alleges that BASF is infringing Ingevity's patent through the development and marketing of a product that would presumably compete with Ingevity's "honeycomb" technology. Ingevity's suit against MAHLE, filed in U.S. District Court in the Northern District of Illinois, also alleges that MAHLE has engaged in development activities, as well as the manufacture, marketing and sale of infringing canisters. "We remain confident in the strength of our intellectual property, including this patent and our other patent-protected technologies," said Wilson. "As such, we remain confident in the short- and long-term outlook for this business."

NGVT Ingevity
$90.05

0.07 (0.08%)

07/12/18
BREN
07/12/18
INITIATION
Target $100
BREN
Buy
Ingevity initiated with a Buy at Berenberg
Berenberg analyst Paretosh Misra initiated Ingevity with a Buy and $100 price target telling investors he expects the company to benefit from rising adoption of more stringent automotive emission regulations, an improving supply/demand balance, and company specific factors in the pine chemicals business.
07/13/18
KEYB
07/13/18
NO CHANGE
Target $95
KEYB
Overweight
Ingevity price target raised to $95 from $90 at KeyBanc
KeyBanc analyst Michael Sison reiterated an Overweight rating on Ingevity and raised his price target to $95, telling investors in a research note that he believes both Performance Materials and Performance Chemicals are gaining momentum, with good visibility ahead giving him confidence in his 2018E EPS outlook.
07/17/18
JEFF
07/17/18
NO CHANGE
Target $102
JEFF
Buy
Ingevity price target raised to $102 from $92 at Jefferies
Jefferies analyst Daniel Rizzo raised his price target for Ingevity to $102 citing the earnings benefit of five China provinces adopting fuel standards early. China's national adoption of the Tier II fuel vapor emissions standard is still set for mid-2020, but five provinces, representing 25% of Chinese car production, will enact the higher standard in 2019, Rizzo tells investors in a research note. The analyst expects the increase in the Chinese standards to add 45c to Ingevity's earnings per share in 2019 and 2020, and thinks the stock valuation could re-rate "as these announcements validate the fuel vapor growth opportunity." He keeps a Buy rating on Ingevity.
07/18/18
LOOP
07/18/18
NO CHANGE
Target $89
LOOP
Hold
Ingevity price target raised to $89 from $83 at Loop Capital
Loop Capital analyst Chris Kapsch raised his price target on Ingevity to $89 and kept his Hold rating, saying that while the company has been a "great fundamental story" since its inception, the recent stock price appreciation is hard to justify. The analyst acknowledges that Ingevity's increased earnings power, driven by the adoption of "more rigorous evaporative emission standards in China", is becoming more visible, but contends that the adoption had been reflected in the valuation prior to the 2019 estimates when it is set to take place.

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