NEWARK, Del., April 27, 2009 (GLOBE NEWSWIRE) -- Innospec Inc. (Nasdaq:IOSP) has in 2008 again illustrated its commitment to sustainable development, as its forthcoming Sustainable Development Report 2008 will show.
Innospec had several key achievements in this area in 2008, including winning two awards; creating energy cost savings of $2.4 million worldwide across the group; and achieving an impeccable safety record across all its sites.
Innospec won two prestigious Chemicals Industries Association awards in 2008 -- the Company of the Year Award; and the Reputation Award. The Company of the Year Award recognized Innospec's transformation from a single product company to a growing and diverse fuel additives and personal care business. The Reputation Award evidenced the fact that Innospec has worked hard on its performance and had won the respect of its stakeholders. Patrick Williams, Innospec's President and CEO, said, "I am extremely proud of these achievements which demonstrate our commitment to sustainable development. Braced by this success, we are determined not to become complacent but instead to continue this excellent work in the future."
Innospec has also effectively managed its resources resulting in worldwide savings in energy costs across the group of $2.4 million. This has been achieved by changes in the Company's product mix, raw material sourcing and energy efficiency measures. In 2008, energy use at Innospec's Ellesmere Port, UK, site fell by 5%, even though production volumes at that site increased by 20%. As a result, the Ellesmere Port site's carbon footprint was substantially reduced.
Safety is core to Innospec's operations and Innospec adopts a company wide approach which is utilized at all its sites. In 2008 Innospec won the Gold Medal of the Royal Society for the Prevention of Accidents (RoSPA) Award for the second time. This is an award only given to companies that have received the RoSPA Gold award for five consecutive years, which shows Innospec's dedication and achievements as regards occupational safety at its sites.
In addition to these highlights, Innospec continued to manage its historical obligations in respect of its tetra ethyl lead product in order to ensure its phase-out leaves no adverse environmental impact. This is mainly managed through a group company, Innospec Environmental Limited, which is a worldwide business specializing in the decommissioning, dismantling and disposal of redundant TEL plant and maximizing opportunities for recycling and recovery as part of that process.
Innospec also undertook major remediation projects in 2008 to clean up its former manufacturing sites. Certain of these have now been sold for commercial use with full approval of the relevant authorities.
Patrick Williams said, "Innospec firmly believes that full legal compliance is the very minimum acceptable requirement for running our business. We constantly strive to exceed that which is legally required, especially as it relates to issues of sustainable development. Innospec has set a very high standard which it intends to maintain, and where possible improve, in the future."
To receive a free copy of Innospec's "Sustainable Development Report 2008", please contact Richard Shone, VP Safety, Health and Environment on +44 151 348 5839 or richard.shone@innospecinc.com
About Innospec Inc.
Innospec Inc. is an international specialty chemicals company with approximately 1,000 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. 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 our customers' processes or products focused in the Personal Care, Household, Industrial & Institutional and Fragrance Ingredients markets. Innospec's Octane Additives business is the world's only producer of tetra ethyl lead.
Forward-Looking Statements
This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements (covered by words like "expects", "anticipates", "may", "believes" or similar words or expressions), for example, which relate to operating performance, events or developments that we expect or anticipate will or may occur in the future (including, without limitation, all of the Company's guidance in respect of sales, gross margins, net income, growth potential and other measures of financial performance). Although forward-looking statements are believed by management to be reasonable when made, caution should be exercised not to place undue reliance on such statements because they are subject to certain risks, uncertainties and assumptions, including in respect of the general business environment, regulatory actions or changes. If the risks or uncertainties materialize or assumptions prove incorrect or change, our actual performance or results may differ materially from those expressed or implied by such forward-looking statements and assumptions. Additional information regarding risks, uncertainties and assumptions relating to the Company and affecting our business operations and prospects are described in the Company's Annual Report on Form 10-K for the year ended December 31, 2008 and other reports filed with the U.S. 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.