BRUSSELS: A Colorado-based specialty-chemicals company is buying some of a Texas firm’s European manufacturing facilities for about $225 million.
Douglas County-based Innospec Inc. (Nasdaq: IOSP) is purchasing the European individual care and home consideration business from Woodlands, Texas-based Huntsman Corp. (NYSE: HUN), which is looking to pay down obligation. As per Innospec, the business is situated in Belgium and has resources in France, Italy and Spain. It produces yearly income of about $230 million and utilizes around 430 individuals. The arrangement is relied upon to close toward the end of the final quarter. Innospec said it will finance the buy through existing money and extra obligation.
“We have signaled for some time that we have been seeking an appropriate acquisition in the Personal Care sector,” said Patrick Williams, Innospec’s president and CEO. ” … Our target is to significantly expand the range of products we can offer to our customers in both Personal Care and Home Care.”
