Old World completes chemical business sale to Thai firm

Northbrook-based Old World Industries finalized the sale of its chemical business, including a manufacturing facility in Clear Lake, Texas, to Indorama Ventures PCL of Bangkok, Thailand.

The Consumer Products Division of Old World Industries will continue to operate as a privately held corporation out of Northbrook. All of Old World’s consumer product lines — PEAK Antifreeze, PEAK Motor Oil, PEAK Electronics, PEAK Wiper Blades, BlueDEFT Diesel Exhaust Fluid, and heavy duty coolants Fleet Charge and Final Charge — will continue to be part of Old World with no changes in personnel or structure, the company said in a release.

Old World announced the sale in February. Terms of the deal with Indorama Ventures were not released.

As part of the purchase agreement, Old World has agreed to a long-term glycol supply contract with Indorama for its antifreeze production in the US.

“With the close of this deal, Old World will now embark on the next significant phase in our 39-year history,” said Tom Hurvis, Old World Industries’ chairman and CEO. “We will focus all of our time and resources on expanding the PEAK family of products in the automotive and heavy duty marketplaces worldwide.”

William Blair & Company and Bracewell & Giuliani acted as financial and legal advisers respectively to Old World Industries, and Evercore Partners and Allen & Overy acted as financial and legal advisers respectively to Indorama Ventures.