NEWARK, Del., Aug. 8, 2007 (PRIME NEWSWIRE) -- Innospec Inc. (Nasdaq:IOSP) today announced the commissioning of a new specialty chemicals processing plant at its Ellesmere Port site in the U.K. to produce ester for the global personal care products market. Built in eight months at a total cost of approximately $1.2 million, the plant started up last month producing Finsolv TN(r), an ester that to date has been manufactured at Innospec's plant in Spencer, NC.
One of the purposes for building this new ester plant in the U.K. is to save considerable costs on freight and shorten the supply chain, enabling the company to more efficiently serve personal care products customers outside the U.S., as more demand arises from customers currently importing Finsolv TN from the U.S., and from new global buyers for other esters that can be manufactured at Ellesmere Port.
"The opening of our new plant is a key step forward toward our objective of making this division a truly global business, thereby reinforcing our status as a world-leading specialty chemicals company," noted Paul Jennings, Innospec President and Chief Executive Officer. "This highlights our strong commitment to the specialty personal care chemicals segment of our business and its promising growth prospects."
The new plant at Ellesmere Port complements other Innospec specialty performance chemicals manufacturing facilities in Europe dedicated to supplying the global personal care products market. Notable among these is Innospec's aroma manufacturing plant for Lilestralis(r) in Widnes, Cheshire, UK. Lilestralis is used extensively in many different perfumery applications, especially in fabric softeners, soaps and other personal care products.
Innospec's personal care business has annual global sales of about $35 million, including its sales of Finsolv TN, with a strong technology and manufacturing base and a history of developing successful new processes and esters for the personal care products industry in-house.
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, Performance 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 Performance Chemicals business includes a range of companies that manufacture performance chemicals used in the manufacture of such items as personal care products, household detergents and crop protection chemicals as well as in the plastics, paper, metal plating and oil industries. Innospec's Octane Additives business is the world's only producer of tetra ethyl lead.
Forward-Looking Statements
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 Performance 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.