INOLEX is pleased to announce the sale of its industrial lubricants division (the “Lexolube Division”) to Zschimmer & Schwarz.
The transaction follows several years of tremendous global growth for INOLEX and will allow INOLEX to focus on its unique capabilities and strengths in the personal care ingredients market. Proceeds from the transaction will be reinvested to fuel INOLEX’s continued growth. “This transaction represents an important strategic milestone for INOLEX as we focus on providing innovative ingredients for the beauty care and consumer care markets,” said David Plimpton, President and CEO of INOLEX. “We are in the midst of making a transformational reinvestment across our organization as we continue to provide tailored solutions for our clients’ formulation needs.”
Over the past year, INOLEX has expanded its global footprint with a new commercial office and application lab in Guangzhou, China and a new commercial office in São Paulo, Brazil. INOLEX also launched more than a dozen new products including the Sustoleo™ line of palm-free ingredients and the PhytoTrace™ line of traceable extracts from Provence, France. In order to support this growth, INOLEX continues to invest by hiring top industry talent, which includes the recent addition of Art Knox as VP, Head of Global Personal Care Sales. “It has been a pleasure to join the INOLEX team and participate in this exciting phase of the organization’s growth,” said Mr. Knox. “INOLEX has long been known as a provider of innovative technologies, and we are committed to bringing client-focused, high value solutions to personal care formulators globally.” INOLEX will continue to support Lexolube through a transition services arrangement until manufacturing is transferred to Zschimmer & Schwarz.