Innospec commits to acquire Huntsman’s European Personal Care and Home Business
The deal would significantly expand Innospec’s product line for foaming surfactants for the rinse-off segmen
Innospec Inc. (NASDAQ:IOSP) today announced that it commits to acquiring the European Personal Care and Home Care business of Huntsman Corp.
Based in Belgium with manufacturing sites in France, Italy and Spain, the business employs approximately 430 people and has sales revenue of around $230 million.
The deal would significantly expand Innospec’s product line for foaming surfactants for the rinse-off segment as well as bringing complementary technologies for leave-on skincare and suncare.
“Our renowned expertise and product development in sulfate-free surfactants has served us well as a growth strategy, however, we were always aware that in order to fulfil our vision to ‘take up more space in the bottle’ of cosmetics and toiletries we must meet a wider range of customer needs,” commented Samantha Thistleton, Marketing Manager of Innospec Performance Chemicals. “This proposed acquisition would give us an excellent opportunity to strengthen our position in EMEA and to better serve our customers with a much broader portfolio for personal care and home care products.”
Bruce McDonald, President of Performance Chemicals at Innospec added “The Huntsman business has a well-established presence in Europe and the range of technologies is very complementary to the existing Innospec range. Together, we would compete in a much larger part of the sector.
With substantial assets in Europe from which to manufacture our existing and future products, the acquisition would form a springboard to continue Innospec’s successful development of innovative technologies.”
Patrick S. Williams, President and CEO of Innospec Inc said “We have signalled for some time that we have been seeking an appropriate acquisition in the Personal Care sector. Our preferred profile was always to add to our technology platforms, and grow our geographical presence. Our target is to significantly expand the range of products we can offer to our customers in both Personal Care and Home Care.”
The acquisition process is subject to a period of consultation with the employee representative bodies and clearance from the regulatory authorities. The transaction is expected to close early in the fourth quarter.
