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.
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 has agreed to a long-term glycol supply contract with Indorama for its antifreeze production in the US.
"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.