ESP PetroChemicals, a formulator of speciality chemicals for the oil and gas industry, has announced that the company has successfully emerged from its planned reorganisation, a process it initiated in March of 2016. In accordance with the terms of the Plan of Reorganization, the company also completed the sale of substantially all of the company's assets to Encore Chemical Solutions, LLC.
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"ESP PetroChemicals completes sale to Encore"
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"We are pleased to complete this process and emerge with a solid financial foundation to support our future growth," said David Dugas, Chief Executive Officer of ESP PetroChemicals. "As the oil and gas market stabilises, we believe we are well-positioned to meet our customers' growing needs for increased productivity and enhanced profitability through our proprietary line of custom-blended products and innovative applications. We appreciate the commitment of our employees, customers and vendors, whose support has been critical throughout this restructuring process. We look forward to continuing to work together into the future and crafting custom-created solutions to meet our customers' unique needs."
David Dugas will continue to serve as CEO, and Tony Primeaux will remain as Chief Technology Officer. Customers should see no changes in the company's products or customer service.
Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/05042017/esp-petrochemicals-completes-sale-to-encore/