IOSP - Innospec Acquires QGP Química | Benzinga
ENGLEWOOD, Colo., Dec. 11, 2023 (GLOBE NEWSWIRE) -- Innospec Inc. (NASDAQ:IOSP) today announced that it completed the acquisition of QGP Química Geral ("QGP"), a leading specialty chemicals company based in Brazil. Terms of the acquisition were not disclosed.
With this acquisition, Innospec now has a meaningful manufacturing, customer-service and product development base in South America which is one of the largest and most important global markets for all Innospec technologies. QGP also adds new surfactant and other specialty chemistries to Innospec's global portfolio in important growth markets like Agriculture.
Founded in 1992, QGP has 300 employees. Innospec will integrate QGP into its Performance Chemicals business.
Patrick S. Williams, President and CEO of Innospec Inc. said, "We are very pleased to complete this acquisition. We have been highly impressed by QGP's founders who have built a leading specialty chemical company backed by excellent customer service, innovation and technical support similar to our own. The product development and manufacturing capabilities of QGP complement every Performance Chemicals end-market that we serve including Personal Care, Agriculture, Home Care, Industrial Chemicals, Construction and Mining."
Bruce McDonald, President of Performance Chemicals at Innospec added, "We are delighted to welcome QGP's employees and its extremely complementary capabilities to Innospec. We are excited to now have a significantly stronger and broader offering for our customers both in Brazil and globally."
Patrick S. Williams concluded, "This acquisition aligns with our long-stated M&A focus to further strengthen our Performance Chemicals segment and add a manufacturing base in South America. Following this acquisition, we continue to have an extremely strong, debt-free balance sheet and remain well-positioned for additional M&A, consistent shareholder returns, and organic growth investments."
Use of Non-GAAP Financial Measures
The information presented in this press release includes financial measures that are not calculated or presented in accordance with Generally Accepted Accounting Principles in the United ...