NEWARK, Del., April 6, 2010 (GLOBE NEWSWIRE) -- Innospec Inc. (Nasdaq:IOSP) today announced that Richard Shone, Vice President, Safety, Health and Environment, has retired, and that Brian Watt, Vice President, Strategic Planning and Regulatory Affairs, will assume responsibility for these critical areas in addition to his current duties.
As part of his current role, Mr. Watt is responsible for leading the Company's risk management process, so the additional responsibilities for safety, health and environmental management and performance are a natural extension for him. Mr. Watt has held a number of senior commercial and business positions in both the Fuel Specialties and Active Chemicals businesses since joining Innospec as M&A Manager in 2001. Mr. Watt has significant international experience in the chemicals industry, having previously held positions with Shell, Avecia and Zeneca in Europe and the Asia-Pacific region. He will be supported in his additional responsibilities by Pete Shields, Group SHE Director, who has over 30 years of experience with Innospec in managing the Company's safety and environmental standards and processes.
Patrick Williams, President and Chief Executive Officer, said, "I would like to thank Richard for his contribution to the transformation of Innospec over the last 11 years and to wish him well in his retirement. Under Richard's leadership, our safety, health and environmental performance has been transformed and we are now clearly established as a company which operates to the highest safety standards. The safety of our operations and our employees is of utmost importance to us and I am delighted to announce that Brian will be taking responsibility for this critical area. His significant business experience and proven track record in the chemicals industry, together with Pete's expertise, will ensure that we continue to operate to the highest standards of safety and environmental performance across all our locations."
About Innospec Inc.
Innospec Inc. is an international specialty chemicals company with approximately 1,000 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. 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 Active Chemicals business provides effective technology-based solutions for our customers' processes or products focused in the Personal Care; Household, Industrial & Institutional; and Fragrance Ingredients markets. Innospec's Octane Additives business is the world's only producer of tetra ethyl lead.
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", "anticipates", "may", "believes" or similar words or expressions), for example, which relate to operating performance, events or developments that we expect or anticipate will or may occur in the future (including, without limitation, any of the Company's guidance in respect of sales, gross margins, net income, growth potential and other measures of financial performance). Although forward-looking statements are believed by management to be reasonable when made, caution should be exercised not to place undue reliance on such statements because they are subject to certain risks, uncertainties and assumptions, including in respect of the general business environment, regulatory actions or changes. If the risks or uncertainties materialize or assumptions prove incorrect or change, our actual performance or results may differ materially from those expressed or implied by such forward-looking statements and assumptions. Additional information regarding risks, uncertainties and assumptions relating to the Company and affecting our business operations and prospects are described in the Company's Annual Report on Form 10-K for the year ended December 31, 2009, and other reports filed with the U.S. Securities and Exchange Commission. You are urged to carefully review and consider the cautionary statements and other disclosures made in those filings, specifically those under the heading "Risk Factors". The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.