Neville Prior

Innospec to Buy Huntsman’s European Cosmetics Business

Neville Prior  4 August 2016 02:24:48 PM
Image:Innospec to Buy Huntsman’s European Cosmetics BusinessImage:Innospec to Buy Huntsman’s European Cosmetics Business
Innospec Inc. is buying the European personal care and home care business from Huntsman Corp. for $225m, which is seeking to pay down debt. According to Innospec, the business is based in Belgium and has assets in France, Italy and Spain. It generates annual revenue of about $230 million and employs about 430 people. The deal is expected to close at the end of the fourth quarter. Innospec said it will fund the purchase through existing cash and additional debt.

"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."
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