Old World Industries Sells Chemical Business to Indorama Ventures PCL
IVL has approximately 8,920 employees worldwide and a consolidated revenue for the last 12 months of $5.5 billion.
Old World Industries, LLC recently announced an agreement to sell its chemical business, including the Ethylene Oxide/Ethylene Glycol manufacturing facility in Clear Lake, Texas, to Indorama Ventures PCL of Bangkok, Thailand.
The consumer products division of Old World Industries will continue to operate as a privately held corporation out of Northbrook, IL. All of Old World's consumer product lines, PEAK Antifreeze, PEAK Motor Oil, BlueDEF Diesel Exhaust Fluid, and others, will continue to be part of Old World with no changes in personnel or structure.
As part of the purchase agreement, Old World will enter into a long-term glycol supply contract with Indorama for its antifreeze production in the U.S.
"The announcement is a strategic move that will allow Old World to focus all of its time and resources on expanding the PEAK family of products in the automotive and heavy duty marketplaces worldwide," said Tom Hurvis, Old World Industries' chairman and CEO.
PEAK products are marketed in more than 30 countries around the world utilizing NASCAR driver Danica Patrick as 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 over the next decade. Old World is investing heavily in the infrastructure necessary to capture the leading position in this growing market.
For more information about Old World Industries, visit www.peakauto.com