Innospec acquires Chemsil and Chemtec
The purchase of silicones specialist Chemsil and distributor Chemtec will strengthen the specialty chemicals company\'s position in personal care
Specialty chemicals company Innospec Inc has strengthened its position in the personal care industry through the acquisition of Chemsil Silicones Inc and the Chemtec Chemical Co. Chemsil develops and markets silicone based formulations to the personal care industry while Chemtec distributes a range of personal care ingredients, focusing on customers on the west coast of the US.
According to Innospec, Chemsil will become part of the company's Performance Chemicals business, which develops and markets surfactants and emollients to the personal care industry.
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, added: “ 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 realise 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.”