3 August 2016
DETAILS
Innospec Inc. (NASDAQ: IOSP) today announced that
it commits to acquiring
the European Personal Care and Home Care business
The business is based in Belgium,
and has manufacturing assets
in France, Italy and Spain.
With sales revenues of around $230 million,
the business employs approximately 430 people.
On a proforma basis the business
has a full year outlook to generate
$24m of EBITDA (earnings before interest, tax,
depreciation and amortization).
The purchase price is expected to be $200m
with an Enterprise Value of $225m
as Huntsman will retain related accounts receivable
and trade payables.
Innospec will fund the purchase through
existing cash and additional debt.
Patrick S. Williams,
President and CEO of Innospec Inc
“ 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.”
Contacts:
Brian Watt
Innospec Inc.
+44-151-355-3611
Brian.Watt@innospecinc.com
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