Inolex has announced the sale of its industrial lubricants division Lexolube to Zschimmer & Scwartz in a move that is said to allow them to focus more on growth in the personal care market.
Details of the transaction have not been released, however, Inolex has stated it will support Lexolube through a transition services arrangement until manufacturing is transferred to Zschimmer & Schwarz.
David Plimpton, President & CEO of Inolex, said, “This transaction represents an important strategic milestone for INOLEX as we focus on providing innovative ingredients for the beauty care and consumer care markets. We are in the midst of making a transformational re-investment across our organization as we continue to provide tailored solutions for our clients’ formulation needs.”
Inolex is making further moves to develop its foothold in the personal care market by investing in new staff with the appointment of Art Knox as VP, Head of Global Personal Care Sales.
Knox said, “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.”
Indeed, it’s been a busy time for the company as it pushes forward in the market, in just the past year it has NOLEX 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. The company has 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.