Posted in | Business | Chemistry

Old World Industries Inks Agreement to Sell Chemical Business to Indorama

Old World Industries has signed a contract with Thailand-based Indorama Ventures PCL to sell its chemical business. This business includes the ethylene glycol or ethylene oxide manufacturing plant in Texas.

Old World Industries’ Consumer Products Division will continue functioning as a company privately held firm from Northbrook. All heavy duty coolants final charge and fleet charge, BlueDEF diesel exhaust fluid, the consumer product lines, PEAK wiper blades, PEAK Electronics, PEAK Motor Oil, and PEAK Antifreeze, will continue to belong to Old World without any alterations in structure or personnel.

Under the terms of the purchase contract, Old World will ink a long-term agreement with Indorama to supply glycol for its antifreeze production in the United States.

The CEO and Chairman of Old World Industries, Tom Hurvis stated that the announcement will allow the company to concentrate on all its resources and time for extending the PEAK family of products in the international heavy duty and automotive markets. Old World has marketed the PEAK products in over 30 countries in the world, through Danica Patrick, NASCAR driver, as the company’s long-term spokesperson.

Recently, Old World introduced an ecological diesel emissions exhaust treatment fluid. Diesel exhaust fluid (DEF) is a rapidly growing functional fluid in the heavy duty markets of North America and is anticipated to attain over 1 B gallons of annual requirement of the consumer. Old World had invested considerably in the infrastructure needed to capture a major position in this growing market.

Source: http://www.oldworldind.com/

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