ENGLEWOOD, Colo., Jan. 21, 2019 (GLOBE NEWSWIRE) -- Innospec Inc. (NASDAQ: IOSP) today announced a series of investments designed to further expand its capabilities in research, development and technical service for its Performance Chemicals business.
Bruce McDonald, President of Innospec’s Performance Chemicals Business, said, “Back in the fourth quarter of 2018, we announced that we were consolidating our European facilities which would result in the closure of our Everberg site. We have since been investing substantially in our centers of excellence – both in terms of enhanced facilities and the addition of high quality people. We are investing in three key sites. In both Salisbury, North Carolina and Ellesmere Port, UK, we are constructing entirely new laboratories and recruiting additional staff focused on customers in the personal care, agrochemicals, construction and metal extraction industries. In Castiglione, Italy, we are expanding our existing laboratory and recruiting further staff to ensure that we deliver the pipeline of new technologies that meet the needs of our home care customers. The facilities will come on-stream at various points over the next nine months.”
Patrick S. Williams, President and CEO of Innospec, added: “As a technology company, it is vital that we continue to innovate and deliver the products that underpin our customers’ growth of new consumer brands. To do this, we need to continue to invest in both people and facilities at our technology centers of excellence. I’m delighted to see the development of these locations, which further emphasizes our commitment to our customers in these key industries.”
About Innospec Inc.
Innospec Inc. is an international specialty chemicals company with approximately 1900 employees in 23 countries. Innospec manufactures and supplies a wide range of specialty chemicals to markets in the Americas, Europe, the Middle East, Africa and Asia-Pacific. The Fuel Specialties business specializes in manufacturing and supplying fuel additives that improve fuel efficiency, boost engine performance and reduce harmful emissions. Oilfield Services provides specialty chemicals to all elements of the oil & gas exploration and production industry. The Performance Chemicals business creates innovative technology-based solutions for our customers in the Personal Care, Home Care, Agrochemical, Mining and Industrial markets. Octane Additives produces octane improvers to enhance gasoline.
Forward-Looking Statements
This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts included or incorporated herein may constitute forward-looking statements. Such forward-looking statements include statements (covered by words like “expects,” “estimates,” “anticipates,” “may,” “believes,” “feels” or similar words or expressions, for example) which relate to earnings, growth potential, operating performance, events or developments that we expect or anticipate will or may occur in the future. Although forward-looking statements are believed by management to be reasonable when made, they are subject to certain risks, uncertainties and assumptions, and our actual performance or results may differ materially from these forward-looking statements. Additional information regarding risks, uncertainties and assumptions relating to Innospec and affecting our business operations and prospects are described in Innospec’s Annual Report on Form 10-K for the year ended December 31, 2017 and other reports filed with the U.S. Securities and Exchange Commission. You are urged to review our discussion of risks and uncertainties that could cause actual results to differ from forward-looking statements under the heading "Risk Factors” in such reports. Innospec undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact: Brian Watt Innospec Inc. +44-151-355-3611 Brian.Watt@innospecinc.com
