With this decision, the German chemical company is setting the course for a new management phase with a focus on transformation and operational excellence in its core business with oxo intermediates and oxo derivatives. McHenry has more than 30 years of experience in the international chemicals and materials industry. He holds a degree in chemistry from Rutgers University. He began his career at the US companies Hatco and Anderol. Subsequently, he was responsible for the resins, additives, pigments and coatings business units at Ciba Specialty Chemicals, BASF and Master Fluid Solutions. Most recently, he was CEO of Techmer PM, a private equity-financed manufacturer of technical materials like Oxea.
Oxea only reverted to its former name in May following the takeover by private equity firms Strategic Value Partners and Blantyre Capita. Previously, the chemical producer with its main production site in Oberhausen, which once belonged to the chemical conglomerate Hoechst together with the Ruhrchemie plant, had been operating under the name OQ Chemicals since the beginning of 2021.
"Oxea has a solid foundation, an experienced global team and is well positioned in an important segment of the chemical value chain," said Michael McHenry. "We are building on this with the aim of increasing our performance and creating sustainable added value for our customers and partners."
"Michael McHenry has a proven track record in managing complex change processes and international teams. His values and vision match our ambition: innovation, sustainability and customer focus," said Craig Rogerson, Chairman of Oxea's Supervisory Board. "We are convinced that his operational focus and strategic mindset will be instrumental in driving Oxea forward."
