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Old World Industries concludes sale of its Chemical Business, to Indorama Ventures

April 06/2012
(plastemart) -- Old World Industries, LLC has concluded the sale of its Chemical Business, including the Ethylene Oxide/Ethylene Glycol manufacturing facility in Clear Lake, Texas, to Indorama Ventures PCL of Bangkok, Thailand. The deal was first announced publically in February 2012.

"With the close of this deal, Old World will now embark on the next significant phase in our 39-year history," saidTom Hurvis, Old World Industries' chairman and CEO. "We will focus all of our time and resources on expanding the PEAK family of products in the automotive and heavy duty marketplaces worldwide." PEAK products are marketed in more than 30 countries around the world utilizing NASCAR driver Danica Patrickas their long-term spokesperson.

In addition, Old World recently launched an eco-friendly diesel emissions exhaust treatment fluid under the BlueDEF brand name. Diesel exhaust fluid (DEF) is the fastest growing functional fluid in the North American heavy duty marketplace and is expected to reach more than one billion gallons of yearly consumer demand. Old World is investing heavily in the infrastructure necessary to capture the leading position in this growing market.
Author:Anna Larionova
Category:General News
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