Old World Industries 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.
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, terms of which were not released, Old World has agreed to a long-term glycol supply contract with Indorama for its antifreeze production in the United States.
“With the close of this deal, Old World will now embark on the next significant phase in our 39-year history,” says Tom Hurvis, Old World Industries’ chairman and chief executive officer. “We will focus all of our time and resources on expanding the Peak family of products in the automotive and heavy-duty marketplaces worldwide.”