ENGLEWOOD, Colo., Oct. 27, 2014 (GLOBE NEWSWIRE) -- Innospec Inc. (Nasdaq:IOSP) announced today that it has successfully closed the acquisition of Independence Oilfield Chemicals LLC, which was announced on October 1, 2014.
This follows the successful clearance of pre-merger notification by the Federal Trade Commission and the U.S. Department of Justice under the Hart Scott Rodino Act.
With effect from October 27, 2014, Independence will become a wholly-owned subsidiary of Innospec.
Patrick S. Williams, President and CEO of Innospec said, "We are delighted that we have been able to complete the acquisition quickly, so that we can move forward with our strategy of building a new market leader in oilfield chemicals. We now have a full range of technologies to cover drilling, completion, stimulation and production chemicals and we are present in all the major US basins. We expect the transaction to be accretive immediately, adding around $0.60 per share to our annualized pre-amortization EPS."
About Innospec Inc.
Innospec Inc. is an international specialty chemicals company with approximately 1300 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 Performance Chemicals business provides effective technology-based solutions for our customers' processes or products focused in the Personal Care; Polymers; and Fragrance Ingredients markets. Innospec's Octane Additives business is the world's only producer of tetra ethyl lead.
For more information about Innospec, please visit our website at www.innospecinc.com.