[2][3][4][5] The company was founded in 1973 as a chemical trading company by ad agency owner Tom Hurvis and his friend, Pakistan-born cotton exporter Riaz Waraich during a Petrochemical shortage related to the 1973 oil crisis.

[4][5][6] In 1999, OWI purchased chemical company Celanese AG (spun off from parent company Celanese), which focused on Ethylene oxide and Ethylene glycol production based in Clear Lake, Texas.

In 2012, Old World sold the chemical division to Thailand-based Indorama Ventures for $795 million.

[1][5][7] PEAK is known for its sponsorship of motorsports teams and events, primarily in the IndyCar Series, NASCAR, and the NHRA.

OWI sponsored the fall Sprint Cup Series event at Dover International Speedway from 1989 to 1992 as the PEAK Antifreeze 500 and from 1993 to 1994 as the SplitFire Spark Plug 500.