Innospec Announces New Oil & Gas Innovation Center
ENGLEWOOD, Colo., Jan. 08, 2019 (GLOBE NEWSWIRE) -- Innospec Inc. (NASDAQ: IOSP) today announced that it has completed the construction of its new Innovation Center in The Woodlands, TX.
The center is dedicated to developing innovative new technologies and applications in support of Innospec’s customers in the oil and gas industry – covering all aspects of drilling, fracturing, stimulation, completion, production and midstream activities. This 22,500 square foot facility will house all of the research, development and technical services functions as well as being the consolidated base for the sales and customer service teams.
Tom Entwistle, President of Innospec’s Oilfield Services Business said, “Our customers in the oil and gas industry are constantly looking for new technology to improve their operations and protect their assets. There will be significant benefits through bringing together our scientists in one expanded location – we know that this generates the best environment for innovation.”
Patrick S. Williams, President and CEO of Innospec added: “This demonstrates our continued commitment to the North American oil and gas industry. As a technology company, we are pleased that this represents an increase in laboratory space of nearly 70%. It will also allow us to enhance our support for our Fuel Specialties customers, with enlarged technical capacity in this key location. This is a very cost-effective way of increasing our capability and demonstrates that we share our customers’ commitment to the long-term prosperity of our industry.”
About Innospec Inc.
Innospec Inc. is an international specialty chemicals company with approximately 1900 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.
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, 2017 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.
Contact: Brian Watt Innospec Inc.+44-151-355-3611 Brian.Watt@innospecinc.com