Old World Industries Sells Chemical Business

Old World Industries, makers of Peak brand vehicle fluids, is selling off its chemical production business to Indorama Ventures of Bangkok, Thailand.

The deal includes Old World Industries’ ethylene oxide/ethylene glycol manufacturing facility in Clear Lake, Texas. As part of the deal, Old World has signed a long-term glycol supply contract with Indorama for its antifreeze production in the U.S.

Old World said its consumer products unit will operate as a privately held corporation out of Northbrook, Ill., and all of its product lines – Peak antifreeze, motor oil, electronics and wiper blades; BlueDef 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 the deal “is a strategic move that will allow Old World to focus all of its time and resources on expanding the Peak family of products in the automotive and heavy duty marketplaces worldwide," said Tom Hurvis, Old World Industries’ chairman and CEO.

Indorama Ventures is best known as a producer of polyester products for a wide range of industries in Asia, Europe and North America.

The Goodyear Tire & Rubber Company has named Ryan Waldron as president of the company's Americas business unit, reporting to Chief Executive Officer and President Mark Stewart. He succeeds Steven R. McClellan, who retired on April 1.

"At Goodyear, our customers are at the center of everything we do, and in Ryan Waldron, we have a customer-centric, execution-focused business leader with a deep understanding of both the marketplace and all aspects of our business, as well as a proven track record of delivering results," Stewart said. "I am thrilled to announce him as president of Goodyear's Americas business and have enormous confidence that under his leadership, both the company and our customers will reach even greater levels of success."