The worlds largest independent lubricant blender is still growing. Fuchs Petrolub AG announced last week that it has acquired Ovoline Lubricants, a division of British oil products company Brett Oils Ltd.
Terms of the transaction were not disclosed. Ovoline sells automotive and industrial lubricants and had sales revenue of 13 million last year.
Fuchs, in a statement issued Thursday, said the acquisition will broaden its offering of industrial products by adding lubricants used for wire rope protection. Ovoline also has automotive lubes not previously in the portfolio of Fuchs subsidiary in the United Kingdom.
Based in Mannheim, Germany, Fuchs has grown steadily the past few years, despite a global downturn in industry sales. That growth has been the result of several acquisitions, as well as increased sales from existing operations. The company earlier projected that sales will top 1.1 billion for 2004.
Ovoline will be folded into Fuchs Lubricants (UK), which is based in Stoke-on-Trent and which had sales of 113 million last year. The deal includes Ovolines customers, trademark rights and net current assets but no facilities. Brett, which is based in Gateshead, England, has agreed to make Ovoline products for Fuchs until production operations can be transferred to Fuchs facilities.