ENGLEWOOD, Colo., Nov. 20, 2018 (GLOBE NEWSWIRE) — Innospec Inc. (NASDAQ: IOSP) today announced that it has launched a new technology designed to improve the operation of direct injection gasoline engines.
These engines, known as GDI, have improved fuel economy and higher output than conventional engines and also offer the opportunity to utilize smaller, lighter power units. This technology is now becoming the new engine of choice for premium gasoline vehicles.
Phil Boon, Executive Vice President and Chief Operating Officer said:
“It’s now clear that the conventional chemistry which has been used for decades to keep the valves of gasoline engines operating at optimum efficiency, simply isn’t as effective in the high temperature high pressure environment of the modern direct-injection engine. We’ve known for some time that these problems would require new solutions and we’re delighted that we are ready to support our customers with new technology specifically developed for this application which is proving to be highly effective.”
Patrick S. Williams, President and Chief Executive Officer said:
“As a technology company, we are very pleased with another very positive outcome of our continued investment in R&D. Modern engines are high-precision equipment and the injection system needs to be kept meticulously clean in order for it to operate as the automotive manufacturer intends. Our products will help to improve fuel economy and reduce emissions from these engines and our global infrastructure means that we can support customers all over the world as they roll-out this new improved technology.”
About Innospec Inc.
Innospec Inc. is an international specialty chemicals company with approximately 1900 employees in 23 countries. Innospec manufactures and supplies a wide range of specialty chemicals to markets in the Americas, Europe, the Middle East, Africa and Asia-Pacific. The Fuel Specialties business specializes in manufacturing and supplying fuel additives that improve fuel efficiency, boost engine performance and reduce harmful emissions. Oilfield Services provides specialty chemicals to all elements of the oil & gas exploration and production industry. The Performance Chemicals business creates innovative technology-based solutions for our customers in the Personal Care, Home Care, Agrochemical, Mining and Industrial markets. Octane Additives produces octane improvers to enhance gasoline.
Forward-Looking Statements
This press release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts included or incorporated herein may constitute forward-looking statements. Such forward-looking statements include statements (covered by words like “expects,” “estimates,” “anticipates,” “may,” “believes,” “feels” or similar words or expressions, for example) which relate to earnings, growth potential, operating performance, events or developments that we expect or anticipate will or may occur in the future. Although forward-looking statements are believed by management to be reasonable when made, they are subject to certain risks, uncertainties and assumptions, and our actual performance or results may differ materially from these forward-looking statements. Additional information regarding risks, uncertainties and assumptions relating to Innospec and affecting our business operations and prospects are described in Innospec’s Annual Report on Form 10-K for the year ended December 31, 2017 and other reports filed with the U.S. Securities and Exchange Commission. You are urged to review our discussion of risks and uncertainties that could cause actual results to differ from forward-looking statements under the heading “Risk Factors” in such reports. Innospec undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact:
Brian Watt Innospec Inc.
+44-151-355-3611
Brian.Watt@innospecinc.com