Yahoo Finance Innospec (IOSP) & IJM Collaborate to Protect Palm Oil Workers
Innospec Inc. IOSP recently announced that its Performance Chemicals business entered into a social partnership with the International Justice Mission (IJM). IJM is a global non-profit organization that collaborates with local authorities in 33 communities to combat modern slavery and violence against women. The organization focuses on rescuing and restoring victims, holding perpetrators accountable and strengthening local public justice systems to build a safe and sustainable future.
The newly-formed partnership will address the critical issue of forced labor and labor trafficking in the Southeast Asia palm oil sector. By tackling the root causes of modern slavery and empowering key stakeholders, the collaboration aims to strengthen protections for palm oil workers. It represents a significant step forward in the fight against forced labor.
Innospec, a member of the Roundtable on Sustainable Palm Oil (RSPO) since 2013 and Action for Sustainable Derivatives (ASD) since 2020, demonstrated a long-term commitment to responsibly sourcing palm-based raw materials. Aligning with IJM’s mission will enhance this commitment and ensure compliance with Innospec’s NDPE (no Deforestation, no Peat, no Exploitation) policy.
Innospec, as a global specialty chemical company that uses palm-based raw materials in some of its products, recognizes the critical role it must play in safeguarding workers in the palm oil industry. The company expressed enthusiasm about supporting IJM’s mission to combat modern slavery by preventing worker exploitation. Innospec emphasized its dedication to IJM’s efforts to create systemic change by strengthening justice systems and looks forward to the positive impact this partnership will have on the palm oil industry.
IJM highlighted that palm oil is widely used in personal care and household products such as shampoos, shower gels, and detergents. It noted that consumers may be unaware of the potential for forced labor slavery among workers in this industry. IJM stressed the urgency and significance of its partnership with Innospec, as both entities share the common goal of eliminating illegal labor practices within the palm oil sector. The organization emphasized that the collaboration provides essential resources to enhance worker access to remedies and strengthens cooperation with local authorities to ensure long-term protection for workers.
Innospec’s shares are up 25.9% in the past year against the industry’s fall of 4.5% in the same period.
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IOSP registered consistently strong results in the Performance Chemicals segment in the first quarter, with operating income more than doubling year over year on increased sales and improved gross margins. The segment logged sales of $160.8 million, up around 6% year over year, aided by higher volumes, acquisition growth and favorable currency swings.
Innospec, on its first-quarter call, stated that it has an extensive set of technology-based organic opportunities across the businesses, which it expects will continue to drive further growth and margin improvement. It has significant flexibility and balance sheet strength for potential further dividend growth, buybacks, mergers and acquisitions and organic investment.
Innospec Inc. Price and Consensus
Innospec Inc. price-consensus-chart | Innospec Inc. Quote
Zacks Rank & Key Picks
Innospec currently carries a Zacks Rank #3 (Buy).
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