By the OGJ Online Staff
HOUSTON, June 5 -- Ondeo Nalco Co., Naperville, Ill., has bought ExxonMobil Chemical Co.'s 40% interest in the Nalco/Exxon Energy Chemicals LP (NEEC) joint venture.
NEEC is wholly owned by Ondeo Nalco and will continue as a limited partnership under the direction of NEEC Pres. and CEO Jack Shubert.
The NEEC joint venture was formed in 1994 to create specialty chemical products for the oil field, refining, petrochemical process, and fuel additive markets. NEEC reports $500 million/year in sales. It employs 1,800 people.
The business will continue to be managed from NEEC's headquarters in Sugar Land, Tex.
NEEC's support functions and supply chain operations will be integrated within the next 3 months into the Ondeo Nalco operations.
Nalco Chemical was renamed Ondeo Nalco Co. in March as part of an effort by its parent company, Suez, to identify all of its water-related businesses under the Ondeo brand. Ondeo Nalco is involved in water treatment and process chemicals.
NEEC supplies specialty chemical applications and services used in the oil exploration, refining, and chemical process industries.