Innospec

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Innospec Specialty Chemicals
Type Public company
Traded as NASDAQIOSP
Industry Oil and Gas
Headquarters United States
Products Specialty chemicals
Employees 1100
Website www.innospecinc.com

Innospec Specialty Chemicals, formerly known as Octel Corporation and Associated Octel Company, Ltd., is a global specialty chemical company. It comprises three business units: Fuel Specialties, responsible for the development and supply of additives for fuels and which also includes the company's activities in its Oilfield Chemicals division, Performance Chemicals, which focuses on products for the Personal Care industry and also provides products for the Aroma Chemicals and Polymers markets, and Octane Additives, which is the last remaining producer of tetraethyllead (TEL) used in the manufacture of motor gasoline in one remaining country and 100LL avgas throughout the world.[1] It is listed on the NASDAQ as IOSP.

Locations[edit]

Innospec is headquartered in Englewood, Colorado, and has major regional centers in the United Kingdom and Singapore.

Production plants are located in multiple countries including France, Germany, Philippines, and the United States.

The company has around 1100 employees located in 20 countries.

Acquisitions[edit]

Innospec has made the following recent acquisitions :

  • Strata Control in December 2013 in Oilfield Drilling Specialties.
  • Chemsil Silicones and Chemtec in September 2013 in Personal Care
  • Bachman Services in November 2013 in Oilfield Production Specialties

Products[edit]

Innospec markets detergents, cold flow improvers, lubricity improvers, corrosion inhibitors, antioxidants, cetane improvers and a range of other chemicals as fuel additives.

In Personal Care, they make a range of high performance surfactants and silicone formulations.

Criminal Activities[edit]

In a 2010 investigation by The Guardian and Guardian Films, Innospec, while trading as company Octel, was revealed to have been bribing officials in Iraq and Indonesia with millions of dollars in order to continue using TEL as a fuel additive, which has links to causing to brain damage in children.[2] The company negotiated a global settlement, although this was condemned by Lord Justice Thomas of the UK during sentencing.[3] Innospec has a new management team in place who have introduced new compliance procedures[citation needed]. In October of 2014 the convictions of Miltiades Papachristos and Dennis Kerrison for conspiracy to corrupt were upheld against appeals.[4]

References[edit]

  1. ^ "AOPA Online: Avgas lead producer allays supply concerns". Aopa.org. Retrieved 2011-08-05. 
  2. ^ David Leigh, Rob Evans and Mona Mahmood (2010-06-30). "UK firm paid bribes to sell Iraqis toxic fuel additive | Exclusive | Business". London: The Guardian. Retrieved 2011-08-05. 
  3. ^ "Lord Justice Thomas's Innospec Sentencing Remarks". 
  4. ^ Fulbright, Norton Rose; O'May, Neil; Knott, David (1 October 2014). "Conviction of Innospec directors upheld". Lexology. Globe Business Publishing Ltd. Retrieved 12 October 2014. 

External links[edit]