Business
Innospec Secures Land for Future Expansion at its Primary Personal Care Manufacturing Facility
ENGLEWOOD, Colo., July 28, 2022 (GLOBE NEWSWIRE) -- Innospec Inc. (NASDAQ: IOSP) today announces the purchase of land which significantly increases the
About this update from Innospec Inc.
[{"type":"text","content":"ENGLEWOOD, Colo., July 28, 2022 (GLOBE NEWSWIRE) -- Innospec Inc. (NASDAQ: IOSP) today announces the purchase of land which significantly increases the acreage available for future expansion at its primary US personal care manufacturing facility in North Carolina. The majority of current capacity additions under its previously announced $70 million Performance Chemicals organic growth investment plan are at this same North Carolina site. Backed by multi-year contracts, these new capacity additions have typically been sold-out as they come online. These include significant capacity increases for Innospec’s industry leading sulfate and 1,4-dioxane free technologies like SCI, Iselux® and taurates. Bruce McDonald, President of Innospec Performance Chemicals, said, “We are in the early stages of a global effort by the home and personal care industry to develop more sustainable, natural and mild formulations without any compromise in performance. While not required for the current $70 million expansion program, this additional land positions Innospec to extend its leadership in supporting our customers’ priorities over the long-term.” Patrick S. Williams, President and Chief Executive Officer of Innospec, added, “Performance Chemicals has a strong pipeline of organic growth opportunities. This additional footprint supports future growth not only in home and personal care, but also in our agriculture, construction, mining and other industrial end-markets. We are well positioned to execute our Performance Chemicals organic growth plan.” About Innospec Inc. Innospec Inc. is an international specialty chemicals company with approximately 1,900 employees in 24 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 Performance Chemicals business creates innovative technology-based solutions for our customers in the Personal Care, Home Care, Agrochemical, Mining and Industrial markets. 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 and gas exploration and production industry. Forward-Looking Statements This press release contains certain ...