Innospec Initiates a $40 Million Share Repurchase Program
07 Septembre 2011 - 3:44PM
Innospec Inc. (Nasdaq:IOSP) today announced that its board of
directors has approved an increase in the amount of shares that are
subject to buy back under the company's stock repurchase program.
The increased plan will permit the repurchase of shares of common
stock in the open market in an aggregate of $40 million in 2011.
Repurchases under the plan will continue to be made in compliance
with Rules 10b5-1 and/or10b-18 and are expected to commence on
September 12, 2011.
Patrick Williams, President and Chief Executive Officer said,
"Following a strong second quarter performance in 2011 and earlier
sequential gains, we are confident that our business momentum and
proven strategy will enable us to continue to deliver strong profit
and cash flow. We believe that our current share price
significantly undervalues the company and its prospects, and,
therefore, under our balanced capital management program, we feel
that strategic share repurchases are a prudent use of capital. Our
aggressive strategy combines organic growth with acquisitions and
remains unchanged. With our current cash position, we feel we
should be able to continue to drive this strategy and share
repurchases in parallel."
About Innospec Inc.
Innospec Inc. is an international specialty chemicals company
with approximately 850 employees in 20 countries. Innospec
manufactures and supplies a wide range of specialty chemicals to
markets in the Americas, Europe, the Middle East, Africa and
Asia-Pacific. 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, pension liabilities and charges, 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, 2010, 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, including 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.
For more information about Innospec, please visit our website at
www.innospecinc.com.
CONTACT: Brian Watt
Innospec Inc.
+44-151-356-6241
Brian.Watt@innospecinc.com
Bob Ferris
RF Binder Partners
+1-212-994-7505
Robert.Ferris@RFBinder.com
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