Octel Corp. Announces Name Change to Innospec Inc.; New Name Underscores Company's Innovative and Growing Specialty Chemicals Bu
January 30 2006 - 9:00AM
Business Wire
Octel Corp. (NYSE:OTL) announced that effective today it has
changed its name to Innospec Inc. to more closely align the
Company's branding with its innovative and growing specialty
chemicals businesses. Shares of Innospec Inc. will continue to be
listed on the New York Stock Exchange under the current trading
symbol "OTL" until February 1, 2006, when trading will commence
under the new ticker "IOP." Innospec Inc. will continue to be the
holding company for the existing Octel Corp. subsidiaries, and the
entire global specialty chemicals group has been rebranded as
Innospec Specialty Chemicals. There will be no changes to the Board
of Directors and senior management as a result of the name change,
and Paul W. Jennings will continue to serve as President and Chief
Executive Officer and Jim Lawler will remain Chief Financial
Officer of Innospec. "This is the beginning of a new era for our
business," said Paul Jennings, President and Chief Executive
Officer, of Innospec Inc. "The Octel name served us well for many
years but it no longer reflects the breadth of our specialty
chemicals business today or the direction we are heading in the
future." Innospec divides its operations into three distinct
business areas: Fuel Specialties (formerly Petroleum Specialties),
Performance Chemicals, and Octane Additives (formerly the Tetra
Ethyl Lead (TEL) business). Together, the three businesses
manufacture and supply a wide range of specialty chemicals to
markets in the Americas, Europe, the Middle East, Africa and
Asia-Pacific. -- Innospec's Fuel Specialties business specialises
in manufacturing and supplying the fuel additives that help improve
fuel efficiency, boost engine performance and reduce harmful
emissions. -- Innospec's Performance Chemicals business includes a
range of companies that manufacture performance chemicals used in
the manufacture of such items as personal care products, household
detergents, crop protection chemicals as well as in the plastics,
paper and fungicides and in the metal plating and oil industries.
-- Innospec's Octane Additives business is the world's only
producer of tetra ethyl lead (TEL). The management team has a clear
strategy in place to ensure the Company maximizes shareholder value
from TEL supply while monitoring and reducing production in line
with global demand. "Innospec is a forward thinking and dynamic
business that will prize innovation, technical knowledge and
performance excellence," continued Mr. Jennings. "Our aim is to
deliver a truly sustainable business that can make a positive
contribution to the global specialty chemicals market for many
years to come. We believe we have the resources to compete in a
global market and deliver excellent shareholder value. Our markets
are expanding and we are enthusiastic about the opportunities for
Innospec ahead." FORWARD-LOOKING STATEMENTS This press release
contains "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements include all statements which address operating
performance, events or developments that we expect or anticipate
will occur in the future. Although such statements are believed by
management to be reasonable when made, caution should be exercised
not to place undue reliance on forward-looking statements, which
are subject to certain risks, uncertainties and assumptions. If the
risks or uncertainties ever materialize or the assumptions prove
incorrect, actual results may differ materially from those
expressed or implied by such forward-looking statements and
assumptions. Risks, assumptions and uncertainties include, without
limitation, changes in the terms of trading with significant
customers or gain or loss thereof, the effects of changing
government regulations and economic and market conditions,
competition and changes in demand and business and legal risks
inherent in non-U.S. activities, including political and economic
uncertainty, import and export limitations and market risks related
to changes in interest rates and foreign exchange rates, government
investigations, material fines or other penalties resulting from
the Company's voluntary disclosure to the Office of Foreign Assets
Control of the U.S. Department of the Treasury and other risks,
uncertainties and assumptions identified in the Company's Annual
Report on Form 10-K for the year ended December 31, 2004 and those
identified in the Company's other reports filed with the Securities
and Exchange Commission. The Company undertakes no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.
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