Innospec expects plant repairs and process improvements in North Carolina to increase Performance Chemicals capacity by more than 10% next year, with full repair and optimization targeted by the end of the fourth quarter. CEO Patrick Williams said the work is about 60% complete and will drive long-term benefits, while CFO Ian Cleminson noted additional capacity is unlikely before the fourth quarter at the earliest. Performance Chemicals operating leverage drove a 15% operating income increase over last year, contributing to second-quarter total revenues of $491.4 million and GAAP earnings per share of $1.25. The company also reported strong demand for its drag-reducing agents, with added capacity almost sold out and another expansion under discussion.
Innospec IncPlant repairs and process improvements will increase Performance Chemicals capacity by over 10% next year, with full repair and optimization targeted by Q4.
