Innospec Completes Sale of Widnes to Emerald
Innospec has completed the divestment of its Aroma Chemicals business unit, Innospec Widnes, a UK-based manufacturer of high-purity aroma chemicals for fragrances in perfumes and household products, to Emerald Kalama Chemical, a unit of US-based Emerald Performance Materials.
The acquired business will be incorporated into the Emerald Kalama Chemical flavor and fragrance business, based in the state of Ohio.
The transaction first announced on Jun. 8, 2015 closed in line with expectations, Innospec said, adding that it will employ the proceeds as part of its balanced capital management program.
Patrick S. Williams, president and CEO of Innospec, said, "We are pleased the sale has been completed and that the Aroma Chemicals business and its employees can thrive under new owners who are committed to this market.”
In future, the British group plans to concentrate on its core strategy, which focuses on Fuel Specialties, Oilfield Specialties and Personal Care.