Chemsil Silicones, Chemtec Chemical Acquired By Innospec Inc Personal Care Chemical Industry

Innospec acquires Chemsil, Chemtec; strengthens personal care business

6:21 AM, 5th September 2013
Innospec Inc Personal Care Chemical Industry Business News

LITTLETON, US: Innospec Inc has acquired Chemsil Silicones Inc and the Chemtec Chemical Co, from its private owners. Chemsil develops and markets silicone-based formulations to the personal care industry. Chemtec, which distributes a wide range of personal care ingredients, is focused on customers on the West Coast.

Chemsil will become part of Innospec’s Performance Chemicals business, which develops and markets a range of surfactants and emollients to the personal care industry. Chemtec will continue to operate as a key distributor in this market, offering a high level of customer service. The acquisition has been funded through the successful negotiation of an amendment and increase to the Company’s existing revolving credit facility agreement from $100 million to $150 million. The secured facility remains available through to December 2016. In addition, the amendment allows the Company to request a further amount of up to $50 million to be committed by various lenders.

“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,” said Patrick Williams, President and CEO, Innospec.

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