Sector News

Innospec Closes on Acquisition of Independence Oilfield Chemicals

October 28, 2014
Chemical Value Chain
(GLOBE NEWSWIRE) – Innospec Inc. announced today that it has successfully closed the acquisition of Independence Oilfield Chemicals LLC, which was announced on October 1, 2014.
 
This follows the successful clearance of pre-merger notification by the Federal Trade Commission and the U.S. Department of Justice under the Hart Scott Rodino Act.
 
With effect from October 27, 2014, Independence will become a wholly-owned subsidiary of Innospec.
 
Patrick S. Williams, President and CEO of Innospec said, “We are delighted that we have been able to complete the acquisition quickly, so that we can move forward with our strategy of building a new market leader in oilfield chemicals. We now have a full range of technologies to cover drilling, completion, stimulation and production chemicals and we are present in all the major US basins. We expect the transaction to be accretive immediately, adding around $0.60 per share to our annualized pre-amortization EPS.”
 
Source: Innospec Inc.

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