The company has said the move is intended to expand its product line when it comes to surfactants, the ingredient group that allows products to lather and reduces friction between two substances.
It will also reportedly increase the company’s capabilities when it comes to complementary technologies for leave-on skin care and sun care.
“Our renowned expertise and product development in sulfate-free surfactants has served us well as a growth strategy, however, we were always aware that in order to fulfil our vision to ‘take up more space in the bottle’ of cosmetics and toiletries we must meet a wider range of customer needs,” commented Samantha Thistleton, marketing manager of Innospec Performance Chemicals.
The move marks a decisive step further into the personal care sector for the chemicals company, with its CEO, Patrick Williams, confirming this direction in a statement.
“We have signalled for some time that we have been seeking an appropriate acquisition in the Personal Care sector,” he explained.
“Our preferred profile was always to add to our technology platforms, and grow our geographical presence. Our target is to significantly expand the range of products we can offer to our customers in both Personal Care and Home Care.”
Europe in focus
The acquisition, which Innospec has committed to, looks set to expand the company’s presence in Europe (where it already operates, along with in the Americas, the Middle East, Africa and Asia Pacific).
“The Huntsman business has a well-established presence in Europe and the range of technologies is very complementary to the existing Innospec range,” explained Bruce McDonald, president of performance chemicals at Innospec.
“Together, we would compete in a much larger part of the sector. With substantial assets in Europe from which to manufacture our existing and future products, the acquisition would form a springboard to continue Innospec’s successful development of innovative technologies.”
The acquisition is yet to be confirmed, as it has still to go through a period of consultation within the company and clearance from the regulatory authorities. It is expected to close early in the fourth quarter, the company has stated.