ENGLEWOOD, Colo., Sept. 08, 2017 (GLOBE NEWSWIRE) -- Innospec Inc (Nasdaq:IOSP) today announced that it has concluded the registration of its new wholly-owned enterprise in China.
Innospec Chemical (Beijing) Co. Ltd. was formally registered in July, and will begin full operation on October 1, 2017, replacing Innospec’s previous representative office.
Patrick S. Williams, President and Chief Executive Officer, said “This is the next step in gradually extending Innospec’s global footprint as the demand for specialty chemicals continues to develop, particularly in China. We will be able to trade and manage inventory locally. This will enable us to grow our business in this expanding and thriving market.”
Sean Pang, Regional Director for Innospec in Asia Pacific, added “We are delighted that we will be able to improve our service to customers across all of our businesses in China – for Fuel Specialties, Performance Chemicals and Oilfield Services. We look forward to working with our customers to create profitable solutions for the long-term growth of their business.”
About Innospec Inc.
Innospec Inc. is an international specialty chemicals company with approximately 1800 employees in 23 countries. Innospec manufactures and supplies a wide range of specialty chemicals to markets in the Americas, Europe, the Middle East, Africa and Asia-Pacific. The Fuel Specialties business specializes in manufacturing and supplying fuel additives that improve fuel efficiency, boost engine performance and reduce harmful emissions. Oilfield Services provides specialty chemicals to all elements of the oil & gas exploration and production industry. The Performance Chemicals business creates innovative technology-based solutions for our customers in the Personal Care, Home Care, Agrochemical, Mining and Industrial markets. Octane Additives produces octane improvers to enhance gasoline.
Forward-Looking Statements
This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts included or incorporated herein may constitute forward-looking statements. Such forward-looking statements include statements (covered by words like “expects,” “estimates,” “anticipates,” “may,” “believes,” “feels” or similar words or expressions), for example, which relate to earnings, growth potential, operating performance, events or developments that we expect or anticipate will or may occur in the future. Although forward-looking statements are believed by management to be reasonable when made, they are subject to certain risks, uncertainties and assumptions and our actual performance or results may differ materially from these forward-looking statements. Additional information regarding risks, uncertainties and assumptions relating to Innospec and affecting our business operations and prospects are described in Innospec’s Annual Report on Form 10-K for the year ended December 31, 2016 and other reports filed with the U.S. Securities and Exchange Commission. You are urged to review our discussion of risks and uncertainties that could cause actual results to differ from forward-looking statements under the heading "Risk Factors” in such reports. Innospec undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.