Innospec Inc 8-K, filed Mar 11, 2025
Innospec Inc. (IOSP)
About this 8-K
Innospec Inc filed this 8-K on March 11, 2025, reporting on events of March 10, 2025.
Items reported
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
CURRENT REPORT
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| Item 7.01 | Regulation FD Disclosure |
On March 10, 2025, the Board of Directors of Innospec Inc. (the “Company”) authorized the repurchase of up to $50 million in shares of the Company’s outstanding common stock over a three-year period commencing on March 10, 2025. The timing, manner, price and amount of any repurchases will be determined in the discretion of management, depending on market conditions and other factors. Repurchases may be made through open market purchases and accelerated share repurchases. The exact number of shares to be repurchased by the Company, if any, is not guaranteed. Depending on market conditions and other factors, these repurchases may be commenced or suspended at any time or periodically without prior notice.
A copy of the press release issued on March 10, 2025, to announce the repurchase authorization is furnished as Exhibit 99.1 to this report and is herein incorporated herein by reference into this Item 7.01.
| Item 9.01 | Financial Statements and Exhibits |
(d) Exhibits.
EXHIBIT INDEX
| Number | Description | Method of Filing | ||||
| 99.1 | Press Release dated March 10, 2025. | Filed Herewith | ||||
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. | |||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| INNOSPEC INC. | ||||||
| Date: March 10, 2025 | By: | /s/ David B. Jones | ||||
| David B. Jones | ||||||
| Senior Vice President, General Counsel, Chief Compliance Officer and Corporate Secretary | ||||||
Exhibit 99.1
PRESS RELEASE
INNOSPEC APPROVES NEW $50MM SHARE REPURCHASE PROGRAM
Englewood, CO, March 10, 2025 – Innospec Inc. (NASDAQ: IOSP) today announces that its Board of Directors has approved a new $50 million share repurchase program. The company’s prior $50 million share repurchase program expired in the first quarter of 2025.
Patrick S. Williams, President and Chief Executive Officer, said,
“With over $289 million in net cash, we continue to have significant flexibility and balance sheet strength for further M&A, organic investment, dividend growth and share repurchases under this renewed buyback program.”
Purchases may be made from time to time at management’s discretion.
About Innospec Inc.
Innospec Inc. is an international specialty chemicals company with approximately 2,450 employees in 22 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,” “outlook” 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, 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, 2024, Innospec’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 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