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Subsequent Event
6 Months Ended
Jun. 30, 2016
Subsequent Events [Abstract]  
Subsequent Event

NOTE 17 – SUBSEQUENT EVENT

On July 29, 2016 Innospec International Ltd., a wholly-owned subsidiary of Innospec Inc. entered into an Exclusivity and Put Option Agreement with Huntsman Investments B.V. (“the Seller”). The Put Option Agreement sets forth the terms of a commitment to acquire the European Personal Care and Home Care business of the Seller for a purchase price of approximately $200 million subject to adjustments for certain working capital and employee matters.

The proposed transaction (“the Transaction”) is subject to obtaining certain regulatory approvals and a period of consultation with employee representative bodies. It is expected that the Transaction will close in the fourth quarter of 2016.

On July 27, 2016 Innospec Inc. entered into a commitment letter with Barclays Bank PLC, Credit Suisse AG, Lloyds Bank plc, National Westminster Bank plc, Wells Fargo Bank N.A. and U.S. Bank National Association for a commitment with respect to debt financing required to consummate the Transaction. The Commitment Letter provides for a term loan facility in the aggregate Principal amount of up to $150 million.