Innospec

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Innospec Specialty Chemicals
Public company
Traded as NASDAQIOSP
S&P 600 Component
Industry Oil and gas
Headquarters United States
Products Specialty chemicals
Number of employees
1,300
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 Polymers markets, and Octane Additives, which is the last remaining non-Chinese 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, along with international offices and processing facilities in China, UAE, Cyprus, South Korea, and India.[1]

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

The company has around 1300 employees located in 20 countries.

Acquisitions and divestments[edit]

Innospec has made the following recent acquisitions and divestments:

  • Strata Control was acquired in December 2013 in Oilfield Drilling Specialties.
  • Chemsil Silicones and Chemtec were acquired in September 2013 in Personal Care.
  • Bachman Services was acquired in November 2013 in Oilfield Production Specialties.
  • Independence Oilfield Chemicals was acquired in November 2014 in Oilfield Chemicals.
  • Innospec divested its Aroma Chemicals business to Emerald Kalama in July 2015.
  • As of January 1, 2016; Bachman, Strata and Independence Oilfield Chemicals have been reorganized into one company, Innospec Oilfield Specialties.

Products[edit]

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

The Oilfield Services division provides products and services for drilling, fracturing & stimulation and production operations to customers in the oil and gas industry

In Personal Care, the company makes a range of high performance surfactants, emollients and silicone formulations.

Criminal activities[edit]

In 2007 US authorities alerted the UK SFO to Innospec's activities which had come to their attention via a UN committee and a complaint filed with SEC involving their Iraqi agents and former company executives.[2] 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 causes brain damage in children through elevated lead levels.[3] The company negotiated a global settlement, although this was condemned by Lord Justice Thomas of the UK during sentencing.[4] Innospec has a new management team in place who have introduced new compliance procedures.[citation needed] In October 2014 the convictions of Miltiades Papachristos and Dennis Kerrison for conspiracy to corrupt were upheld against appeals.[5] The company was released from its Monitor supervision and successfully completed its parole period in early 2015.

References[edit]

  1. ^ "AOPA Online: Avgas lead producer allays supply concerns". Aopa.org. Retrieved 2011-08-05. 
  2. ^ Oduor, Jacinta Anyango (2013). Left Out of the Bargain: Settlements in Foreign Bribery Cases and Implications for Asset Recovery. World Bank Publications. p. 115. ISBN 9781464800870. 
  3. ^ 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. 
  4. ^ "Lord Justice Thomas's Innospec Sentencing Remarks". 
  5. ^ Fulbright, Norton Rose; O'May, Neil; Knott, David (2014-10-01). "Conviction of Innospec directors upheld". Lexology. Globe Business Publishing Ltd. Retrieved 2014-10-12. 

External links[edit]