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."
About Innospec Inc.Innospec Inc. is an international specialty chemicals company with approximately 800 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 the Asia-Pacific region. 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. All statements other than statements of historical facts included or incorporated herein may constitute forward-looking statements. 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, any 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, 2009, and other reports filed with the U.S. Securities and Exchange Commission. You are urged to carefully review and consider the cautionary statements and other disclosures made in those filings, specifically those under the heading "Risk Factors". 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. Kate Davison +44-151-348-5825 Kate.Davison@innospecinc.com RF|Binder Partners Tom Pratt +1-212-994-7563 Tom.Pratt@RFBinder.com