Innospec Realigns Performance Chemicals Unit Into a Sales-Led Global
Business Focused On K
NEWARK, Del., Oct. 1, 2007 (PRIME NEWSWIRE) -- Innospec Inc. (Nasdaq:IOSP) today announced a further streamlining of its fast-growing Performance Chemicals division into a unified, sales-led global business focused on rapidly meeting customers' needs anywhere in three geographical regions and five core industry sectors. Under the banner "Active Chemicals," the division's new operating structure consolidates its businesses by region and combines product sales, R&D and customer service within five chosen markets: Fragrance Ingredients; Household, Industrial and Institutional; Personal Care; Plastics and Polymers; and Pulp and Paper.
The formation of Innospec Active Chemicals is the latest move by Innospec's President and CEO, Paul Jennings, to transform and refocus this rapidly growing segment since he assumed direct control of its operating units in May 2006. "As the division's sales have risen by over 30 percent these past two years, we have attained both a critical mass and a better understanding of our global customer base," noted Mr. Jennings. "I am quite confident that this simplified, streamlined structure -- which we have modelled after our successful Fuel Specialties business -- is the right one for our Active Chemicals division."
Under the new structure, all of Innospec's Active Chemicals product offerings and services will be sold within each designated region and market, as is the case with Innospec Fuel Specialties.
"Reorganizing this segment was the next logical step in taking it to a higher level of performance," Mr. Jennings said. "With this new structure, we are serving notice that Innospec does not just sell and produce specific chemicals from a given site. We sell solutions that can either solve a particular problem or enhance the performance of a new product. Innospec Active Chemicals spans several attractive markets, and our knowledge and experience in one area can benefit customers working in a different market."
About Innospec Inc.
Innospec Inc. is an international specialty chemicals company with almost 1,000 employees in 23 countries. Innospec divides its operations into three distinct business areas: Fuel Specialties, Active Chemicals, and Octane Additives. Together, the three businesses manufacture and supply a wide range of specialty chemicals to markets in the Americas, Europe, the Middle East, Africa and Asia-Pacific. Innospec's Fuel Specialties business specializes in manufacturing and supplying the fuel additives that help improve fuel efficiency, boost engine performance and reduce harmful emissions. Innospec's Active Chemicals business provides effective technology-based solutions for customers' processes or products. Innospec's Octane Additives business is the world's only producer of tetra ethyl lead.
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements which address operating performance, events or developments that we expect or anticipate will occur in the future. Although such statements are believed by management to be reasonable when made, caution should be exercised not to place undue reliance on forward-looking statements, which are subject to certain risks, uncertainties and assumptions. If the risks or uncertainties ever materialize or the assumptions prove incorrect, actual results may differ materially from those expressed or implied by such forward-looking statements and assumptions. Risks, assumptions and uncertainties include, without limitation, changes in the terms of trading with significant customers or gain or loss thereof, our ability to continue to achieve organic growth in our Fuel Specialties and Active Chemicals businesses, our ability to successfully integrate any acquisitions in those business segments, the effects of changing government regulations and economic and market conditions, competition and changes in demand and business and legal risks inherent in non-U.S. activities, including political and economic uncertainty, import and export limitations and market risks related to changes in interest rates and foreign exchange rates, government investigations, material fines or other penalties resulting from the Company's voluntary disclosure to the Office of Foreign Assets Control of the U.S. Department of the Treasury or other regulatory actions and other risks, uncertainties and assumptions identified in the Company's Annual Report on Form 10-K for the year ended December 31, 2006 and those identified in the Company's other reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: Innospec Inc. Andrew Hartley +44-151-348-5846 Andrew.Hartley@innospecinc.com
RF Binder Partners Mark Harrop +1-212-994-7533 Mark.Harrop@RFBinder.com