Innospec Breaks Ground on New Site for Manufacture of Drag Reducing Agents (DRA)
ENGLEWOOD, Colo., May 21, 2018 (GLOBE NEWSWIRE) -- Innospec Inc. (NASDAQ:IOSP) today announced that it has broken ground on its new facility to manufacture Drag Reducing Agents (DRAs).
The site is at Pleasanton, TX, USA and is an extension of the existing Innospec site. The project is well advanced and the company expects beneficial production later in the second half of 2018.
Patrick S. Williams, President and Chief Executive Officer said, “DRAs are a fast growing, exciting, cutting-edge technology which has the dual benefit of both improving productivity and cutting costs for our customers. We are delighted to have developed our own proprietary products and manufacturing process, which will be very complementary to our existing portfolio and will allow us to serve our customers globally.”
These products act by reducing the turbulent flow of liquids cost-effectively to improve pipeline throughput and reduce the energy required for pumping. The technology can be applied to crude oils and to fuels including diesel.
Mr. Williams added, “Innospec is uniquely placed to develop this business. In addition to our existing pipeline business, we are already well established both upstream with Oilfield Services and downstream in the refinery and terminals with our Fuel Specialties business. Combined with our global infrastructure, we believe this will allow us to quickly establish our position in both markets.”
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.
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, 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.
