Old World Industries Sells Chemical Business to Indorama Ventures PCL Deal Includes Manufacturing Facility in Clear Lake, Texas
NORTHBROOK, Ill., Feb. 7, 2012 /PRNewswire/ -- Old World Industries, LLC announced today 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, Ill. All of Old World's consumer product lines, PEAK® Antifreeze, PEAK® Motor Oil, PEAK® Electronics, PEAK® Wiper Blades, BlueDEF™ Diesel Exhaust Fluid, and heavy duty coolants Fleet Charge and Final Charge, 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 US.
"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.
William Blair & Company and Bracewell & Giuliani acted as financial and legal advisors respectively to Old World Industries LLC, and Evercore Partners and Allen & Overy acted as financial and legal advisors respectively to Indorama Ventures PCL.
About Indorama Ventures PCL
Indorama Ventures Public Company Limited, listed in Thailand (Bloomberg ticker IVL.TB), is a leading producer in the polyester value chain in Thailand with strong global network and manufacturing across Asia, Europe and North America. Its products serve major players in diversified end use markets, including food, beverages, personal and home care, health care, automotives, textile, and industrial. The company's main products are PTA, PET and polyester fiber, which are distributed across the world. IVL has approximately 8,920 employees worldwide and a consolidated revenue for the last 12 months of $5.5 billion.
About Old World Industries
Old World Industries, LLC is among the largest privately-held companies competing in the automotive aftermarket. The Northbrook, Illinois-based company enjoys a presence in various consumer product markets in more than 30 countries worldwide. Old World's brands include a full line of PEAK® Performance Products including Antifreeze, Motor Oil, Washer Fluid, Electronics and Wiper Blades; SIERRA® Antifreeze; Fleet Charge® Fully Formulated Coolant; Final Charge® Heavy Duty Global Extended Life Antifreeze/Coolant; SmartBLADE™ Premium Wiper Blades; HERCULINER® Truck Bed Liner Kits; and BlueDEF® Diesel Exhaust Fluid. For more information, please visit www.peakauto.com.
SOURCE Old World Industries