03 September 2013 23:42 [Source: ICIS news]
HOUSTON (ICIS)--Innospec has acquired US-based Chemsil Silicones and Chemtec Chemical from private owners, the UK-based specialty chemicals producer announced on Tuesday.
Chemsil, which develops and markets silicone-based formulations to the personal care industry, will become part of Innospec’s performance chemicals business, which develops and markets surfactants and emollients.
Chemtec, which distributes personal care ingredients primarily to the US west coast, will continue to operate as a key distributor in that market.
“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,” said Patrick Williams, president and CEO of Innospec. “We expect the acquisition to be immediately accretive.”
The acquisition has been funded through the negotiation of an increase to the Innospec’s existing revolving credit facility agreement of $150m (€114m). The amendment allows the company to request a further amount of up to $50m to be committed by various lenders.
($1 = €0.76)
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