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LITTLETON, Colo., Sept. 3, 2013 (GLOBE NEWSWIRE) -- Innospec Inc. (Nasdaq:IOSP) today announced that it has acquired Chemsil Silicones Inc and the Chemtec Chemical Co., from its private owners. Chemsil develops and markets silicone-based formulations to the personal care industry. Chemtec, which distributes a wide range of personal care ingredients, is focused on customers on the West Coast. The companies have combined sales of $40 million.
Commenting on the deal, Patrick Williams, President and CEO of Innospec said: "Personal Care is the strategic core of our Performance Chemicals business, and we have been seeking to add to both the technology base and the geographical footprint of this business. We are delighted to acquire Chemsil, which brings complementary technologies to our current portfolio, and Chemtec, which provides us with a solid base in the important West Coast market. We expect the acquisition to be immediately accretive."
James Harrison, President of Chemsil and Chemtec said, "Although we have been pleased with the growth of our companies over the past few years, we have concluded with our lead advisors CIM Partners that we needed to be part of a larger group to realize our ambitions to grow our presence in the US, and to market our technologies internationally. Joining Innospec provides us with the infrastructure and critical mass to accelerate that expansion and focus on future technologies."
Chemsil will become part of Innospec's Performance Chemicals business, which develops and markets a range of surfactants and emollients to the personal care industry. Chemtec will continue to operate as a key distributor in this market, offering a high level of customer service.
Bruce McDonald, Vice-President of Innospec Performance Chemicals in the Americas added, "Chemsil products are a great complement to our existing product portfolio, and we look forward to providing our customers a wider range of products for these applications, making Innospec a more valuable supplier to this industry. Our strategy is to continue to invest in R&D and geographical expansion, to establish Innospec as an innovation leader in personal care."