The publisher of Lubricants World stated yesterday that recent reports of plans to fold the magazine are unfounded. Owned by Hart Publications, a subsidiary of investment bank Veronis Suhler Stevenson, Lubricants World is published monthly except for January and July and reportscirculation of 10,340.
“We are committed to this industry and the success of this publication,” Publisher David Coates told Lube Report yesterday.
Folio: First Day, a bi-weekly newsletter covering the magazine industry, reported on April 21 and again on April 23 that Lubricants World would be closed, in articles about the restructuring of Chemical Week Associates. Chemical Week Associates is the Veronis Suhler subsidiary that acquired Lubricants World in 1999 and Hart in 2001. According to Folio: First Day, Chemical Week has also laid off 40 employees since the beginning of the year, and sold two plastics industry publications, as part of efforts to restructure the ailing company.
In addition, Lubricants Worldlast monthresigned its membership in BPA International, the independent organization that auditsmagazine circulation claims. According to BPA, Lubricants World resigned because “it is no longer a stand-alone title.”
Another magazine industry newsletter, Mins b-to-b, published by Phillips Business Information, reported Lubricants World’s closing inan April 28article.
Coates told Lube Report that the articles by Folio: First Day and Min’s were “incorrect and misleading.”
Coates confirmed that Kathryn Carnes has resigned as editor-in-chief of Lubricants World effective May 16,but said that Hart plans to hire another editor-in-chief.