Old World Industries, LLC has announced 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 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.
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 U.S.
“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 worldwide.