Afton Chemical Announces Acquisition of Polartech
2010年3月6日 - 7:00AM
ビジネスワイヤ(英語)
Afton Chemical Corporation, a global leader in the lubricant and
fuel additive market, today announced the completion of its
Polartech acquisition. Polartech is a global company specializing
in the supply of metalworking additives. With this acquisition,
Afton strengthens its industrial product portfolio with Polartech’s
premier metalworking fluid additive technology.
“This acquisition represents a significant step for Afton in our
strategy to expand our technology and expertise in the industrial
market,” said Warren Huang, Afton Chemical’s President. “As a
result of the acquisition, we also now have a greater presence in
targeted international markets – including India and China – where
we see opportunities for growth,” said Huang.
The agreement includes all physical assets of the Polartech
business including headquarters, R&D and manufacturing
facilities in the UK, as well as manufacturing sites in India,
China and the US. Afton will assume approximately 130 full-time
employees. Polartech has annual revenue of approximately $45
million. Financial terms of the agreement were not disclosed.
“We’ve acquired a first class metalworking additives business,
with the people, technology and global reach to significantly
enhance our ability to provide our customers with solutions to grow
their businesses,” said Rich Mendel, Afton’s VP of Global Lubricant
Additives. “Polartech has utilized expert application knowledge and
differentiated additive technology to create value for their
customers. That business model will be an excellent fit with
Afton,” added Mendel.
With industry fundamentals being strong, the Polartech
acquisition is one of many strategic investments that Afton
Chemical has made in the last two years. These strategic
investments include the acquisition of GE’s fuel additives
business, a new research and development facility in Shanghai,
China, a new and expanded facility in Tsukuba, Japan and a
manufacturing facility in Singapore. Over the last ten years, Afton
has expanded their product lines and geographic coverage, giving us
a broad and diversified business base.
Afton Chemical Corporation is a wholly-owned subsidiary of
NewMarket Corporation (NYSE:NEU). Afton Chemical develops and
manufactures petroleum additives that boost the performance of
fuels and lubricating oils to achieve increased efficiency, power
and durability in machinery, vehicles, and other equipment. From
custom-formulated chemical blends to market-general additive
components, Afton Chemical technology helps fuels burn cleaner and
more efficiently, engines run smoother, and machines last
longer.
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