NEWARK, Del., May 25, 2010 (GLOBE NEWSWIRE) -- Innospec Inc. (Nasdaq:IOSP) today announced its intention to expand its business into a new market segment to provide further growth opportunities for the future. The Company has identified the oilfield chemicals market as one with significant potential and plans to use its market knowledge and technical expertise to develop and market a product range specifically for this sector. The Fuel Specialties division of Innospec has grown into one of the foremost suppliers of innovative products to the fuel market globally. With its strong focus on customers, the Company intends to offer some of the technologies it has developed for fuel treatment to the upstream sector.
Thomas C. Entwistle has been promoted to the position of Vice President, Oilfield Specialties Americas to lead this exciting initiative. In this role, Mr. Entwistle will be responsible for the strategic development of Innospec's business in this sector and will report directly to the Company's President and Chief Executive Officer. Mr. Entwistle was previously Director of Sales for Performance Fuel Additives and the Marine sector for the Fuels Specialties business in the Americas. Prior to this he has held a number of senior commercial roles in the Fuel Specialties business since joining the Corporation in 1995.
James E. Vrzak has been promoted to the position of Director of Sales, Performance Fuel Additives and Marine Americas, previously held by Mr. Entwistle. Mr. Vrzak has held a number of commercial roles in the Fuel Specialties business in the Americas since joining the Company in 1998 and was most recently a Regional Manager in the Performance Fuel Additives sector.Patrick Williams, President and Chief Executive Officer, said, "The oilfield chemicals sector is an exciting new opportunity for Innospec and allows us to use the significant expertise and talent we have in the business to drive the Company forward. This initiative clearly demonstrates our commitment to accelerate our growth and I am delighted to announce Tom's promotion to run this sector in the Americas. Tom is a proven, well-respected executive who has been a key part of our successful Fuel Specialties business and I am confident his creativity, drive and strong commercial skills will allow us to establish ourselves in this new sector. I am also very pleased to announce Jim's promotion. Jim is a dedicated professional, with strong commercial skills, who has delivered outstanding performance each year. These appointments demonstrate the depth of talent we have in our Company and I am confident that in their new roles, Tom and Jim will continue to identify innovative solutions to meet customer needs and drive our business forward."