Innospec Breaks Ground on New Site for Manufacture of Drag Reducing Agents (DRA)
21 Mai 2018 - 2:45PM
Innospec Inc. (NASDAQ:IOSP) today announced that it has broken
ground on its new facility to manufacture Drag Reducing Agents
(DRAs).
The site is at Pleasanton, TX, USA and is an
extension of the existing Innospec site. The project is well
advanced and the company expects beneficial production later in the
second half of 2018.
Patrick S. Williams, President and Chief
Executive Officer said, “DRAs are a fast growing, exciting,
cutting-edge technology which has the dual benefit of both
improving productivity and cutting costs for our customers. We are
delighted to have developed our own proprietary products and
manufacturing process, which will be very complementary to our
existing portfolio and will allow us to serve our customers
globally.”
These products act by reducing the turbulent
flow of liquids cost-effectively to improve pipeline throughput and
reduce the energy required for pumping. The technology can be
applied to crude oils and to fuels including diesel.
Mr. Williams added, “Innospec is uniquely placed
to develop this business. In addition to our existing pipeline
business, we are already well established both upstream with
Oilfield Services and downstream in the refinery and terminals with
our Fuel Specialties business. Combined with our global
infrastructure, we believe this will allow us to quickly establish
our position in both markets.”
About Innospec Inc.
Innospec Inc. is an international specialty
chemicals company with approximately 1900 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 Asia-Pacific. The Fuel Specialties business
specializes in manufacturing and supplying fuel additives that
improve fuel efficiency, boost engine performance and reduce
harmful emissions. Oilfield Services provides specialty chemicals
to all elements of the oil & gas exploration and production
industry. The Performance Chemicals business creates
innovative technology-based solutions for our customers in the
Personal Care, Home Care, Agrochemical, Mining and Industrial
markets. Octane Additives produces octane improvers to
enhance gasoline.
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,” “estimates,” “anticipates,” “may,” “believes,”
“feels” or similar words or expressions, for example) which relate
to earnings, growth potential, operating performance, events or
developments that we expect or anticipate will or may occur in the
future. Although forward-looking statements are believed by
management to be reasonable when made, they are subject to certain
risks, uncertainties and assumptions, and our actual performance or
results may differ materially from these forward-looking
statements. Additional information regarding risks,
uncertainties and assumptions relating to Innospec and affecting
our business operations and prospects are described in Innospec’s
Annual Report on Form 10-K for the year ended December 31, 2017 and
other reports filed with the U.S. Securities and Exchange
Commission. You are urged to review our discussion of risks
and uncertainties that could cause actual results to differ from
forward-looking statements under the heading "Risk Factors” in such
reports. Innospec undertakes no obligation to publicly update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.
Contact: Brian WattInnospec
Inc.+44-151-355-3611Brian.Watt@innospecinc.com
Innospec (NASDAQ:IOSP)
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