Innospec Publishes 2021 Responsible Business Report

Rhea-AI Summary

Innospec (NASDAQ: IOSP) released its 2021 Responsible Business Report, showcasing its commitment to ESG and sustainability. Highlights include a 52% reduction in operational greenhouse gas emissions and a 50% decrease in water usage since 2006. All manufacturing facilities now use 100% renewable electricity, making up 25% of its total energy mix. The company raised over $1 million through employee volunteering efforts and invested over $37 million in research and technology in 2021. The report signifies Innospec's focus on sustainable growth and innovation.

Positive

• 52% reduction in operational greenhouse gas emissions since 2006.
• 50% decrease in water usage since 2006.
• All manufacturing facilities now source 100% renewable electricity.
• Over $1 million raised through Innospec Cares global charitable programs.
• Invested over $37 million in Research and Technology in 2021.
• Established a new management structure for ESG governance.

Negative

• None.

ENGLEWOOD, Colo., Oct. 12, 2022 (GLOBE NEWSWIRE) -- Innospec (NASDAQ: IOSP) today announced the publication of its 2021 Responsible Business Report. The report provides an overview of the company’s progress and ongoing commitment to ESG and sustainability.

Key highlights from 2021 include:

• Reduction in operational Greenhouse Gas emissions by 52% and water usage by 50% since our 2006 baseline year.
• All manufacturing facilities sourcing 100% renewable electricity. Renewable energy now accounts for 25% of Innospec’s total energy mix.
• Achieved leadership score for CDP Climate governance and assessment categories.
• Over $1 million raised though our Innospec Cares global charitable giving and employee volunteering program.
• $660,000 total social value delivered in 2021 helping to support 150 worldwide charities and good causes local to our operations.
• Almost 6,000 compliance training and certification courses delivered to our employees.
• Introduction of a new management and governance structure to help develop and drive our ESG strategy.
• Continued investment in infrastructure and facilities including increased production capacity for our industry-leading mild and natural surfactants and a new global Performance Chemicals technology center in North Carolina, US.
• Over $37 million spent on Research and Technology in 2021 helping us to develop high-performance, sustainable solutions for our customers.
• Independent assurance of the report and our sustainability program to the globally recognized AA1000 Assurance standard 2008:2018 Addendum.

Patrick S. Williams, President and Chief Executive Officer, said, “We are pleased to present our 23^rd Responsible Business Report which highlights our 2021 performance and our approach to ESG. During the year we continued our investment in innovation and production capacity to support the growth and sustainability priorities of our customers. In addition, the introduction of our new ESG governance structure further strengthens our long-standing commitment to building a sustainable business.”

To learn more about Innospec’s approach to ESG and sustainability, please read the 2021 Innospec Responsible Business Report by visiting https://innospecsustainability.com/.

About Innospec Inc.

Innospec Inc. is an international specialty chemicals company with approximately 1,900 employees in 24 countries. Innospec manufactures and supplies a wide range of specialty chemicals to markets in the Americas, Europe, the Middle East, Africa and Asia-Pacific.  The Performance Chemicals business creates innovative technology-based solutions for our customers in the Personal Care, Home Care, Agrochemical, Mining and Industrial markets. The Fuel Specialties business specializes in manufacturing and supplying fuel additives that improve fuel efficiency, boost engine performance and reduce harmful emissions. Oilfield Services provides specialty chemicals to all elements of the oil and gas exploration and production industry. 

Forward-Looking Statements

This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.  All statements other than statements of historical facts included or incorporated herein may constitute forward-looking statements.  Such forward-looking statements include statements (covered by words like “expects,” “estimates,” “anticipates,” “may,” “could,” “believes,” “feels,” “plans,” “intends” or similar words or expressions, for example) which relate to earnings, growth potential, operating performance, events or developments that we expect or anticipate will or may occur in the future.  Although forward-looking statements are believed by management to be reasonable when made, they are subject to certain risks, uncertainties and assumptions, including, the effects of the COVID-19 pandemic, such as its duration, its unknown long-term economic impact, measures taken by governmental authorities to address it, the rise of variants, the effectiveness, acceptance and distributions of COVID-19 vaccines and the effects of any sanctions, export restrictions, supply chain disruptions or increased economic uncertainty related to the ongoing conflict between Russia and Ukraine and the manner in which the pandemic and/or such conflict may precipitate or exacerbate other risks and/or uncertainties, and our actual performance or results may differ materially from these forward-looking statements.  Additional information regarding risks, uncertainties and assumptions relating to Innospec and affecting our business operations and prospects are described in Innospec’s Annual Report on Form 10-K for the year ended December 31, 2021 and other reports filed with the U.S. Securities and Exchange Commission.  You are urged to review our discussion of risks and uncertainties that could cause actual results to differ from forward-looking statements under the heading "Risk Factors” in such reports.  Innospec undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contacts:

Corbin Barnes

Innospec Inc.

+44-151-355-3611

corbin.barnes@innospecinc.com

FAQ

What are the key achievements in Innospec's 2021 Responsible Business Report?

Innospec's 2021 Responsible Business Report highlights significant achievements such as a 52% reduction in greenhouse gas emissions and a 50% decrease in water usage since 2006.

How much did Innospec invest in research and technology in 2021?

Innospec invested over $37 million in research and technology in 2021.

What percentage of Innospec's total energy mix comes from renewable sources?

Renewable energy now accounts for 25% of Innospec's total energy mix.

How does Innospec contribute to charitable causes?

Innospec raised over $1 million through its Innospec Cares global charitable giving and employee volunteering program.