Innospec acquires Chemsil Silicones and ChemTec, deepens personal care profile
Mary Page Bailey
Innospec Inc. (Littleton, Colo.; www.innospecinc.com) has announced that it has acquired Chemsil Silicones Inc. and the Chemtec Chemical Co., from its private owners. Chemsil develops and markets silicone-based formulations to the personal care industry. Chemtec, which distributes a wide range of personal care ingredients, is focused on customers on the West Coast. The companies have combined sales of $40 million.
Chemsil will become part of Innospec's Performance Chemicals business, which develops and markets a range of surfactants and emollients to the personal care industry. Chemtec will continue to operate as a key distributor in this market.
The acquisition has been funded through the successful negotiation of an amendment and increase to the company's existing revolving credit facility agreement from $100 million to $150 million. The secured facility remains available through to December 2016. In addition, the amendment allows the Company to request a further amount of up to $50 million to be committed by various lenders.