French oil major Total announced Thursday it acquired the assets of Tribospec Corp., an independent Canadian lubricants blender and distributor, for an undisclosed amount.
A new joint venture named Total Lubricants Canada Inc., owned 70 percent by Total and 30 percent by Tribospecs major shareholder – its company president Julian Cininni – has been created. The companies signed the documents for the acquisition on Dec. 5, according to Claude Van Kessel, Tribospecs head of marketing.
Based in Montreal, Tribospec sells 10,000 tons of lubricants yearly and can blend up to 35,000 tons per year. Tribospec sales represent about 8 percent of the lubricants market in the province of Quebec, the company said.
Van Kessel said the acquisition will not impact current employees, and doesnt involve any layoffs.
He said Tribospec is enthusiastic about the acquisition. For us, now and in the future, its going to be a good thing,Van Kesseltold Lube Report. We have access to the Total product line, which is quite extensive, including in HDMO, PCMO, industrial, marine and bio. They have so many fields of activities, that its a good thing for Tribospec and their customers.
Tribospec has manufactured and distributed a wide range of lubricants, oils, greases and specialty products for more than 15 years. It has worked with several North American and European partners, including Alemite, Anderol, Chevron Lubricants, Kleenoil, Metalworking Lubricants, Monroe Fluid Technology, Sogelub, Sunoco and Total Lubricants.
Tribospec is based in the city of LaSalle in Quebec, Canada. It has a 70,000 square foot production plant. Value added services it has offered include oil analysis, lubricants management, lubricants regeneration and lubrication surveys.