Old World Industries announced an agreement to sell its chemical business, including the ethylene oxide/ethylene glycol manufacturing facility in Clear Lake, Texas, to Indorama Ventures of Bangkok, Thailand. The Consumer Products division of Old World Industries will continue to operate as a privately held corporation out of Northbrook, Ill. As part of the purchase agreement – terms of which were not announced – Old World will enter into a long-term glycol supply contract with Indorama for its antifreeze production in the United States.
All of Old World’s current 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, the company says.
“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,” says Tom Hurvis, Old World Industries’ chairman and chief executive officer. Peak products are marketed in more than 30 countries worldwide.