The Fuchs Group acquired American synthetic lubricants blender Nye Lubricants Inc., the companies announced on Monday, expanding Fuchs specialty lubricants product portfolio.
Fairhaven, Massachusetts-based Nye Lubricants generated U.S. $51 million in global sales in its fiscal year 2018, according to the company. It manufactures synthetic lubes for a number of industries including aerospace, automobile manufacturing and food and beverage processing, as well as several types of greases- such as damping, electrically conductive, food grade and radiation resistant varieties. Nye was founded in 1844, and currently employs 180 people.
Following the acquisition, the company will continue to operate out of its 83,000-square-foot complex with research and production labs and packaging and production lines.
While Fuchs and Nye operate in the same industries, the Nye product offering allows us to capitalize on additional high value-added applications, Stefan Fuchs, chairman of the executive board of Fuchs Petrolub SE said in a press release issued Oct. 21. This furthers Fuchs objective to be able to offer a full lubricant solution into our target markets.
Mannheim, Germany-based Fuchs Petrolub is the worlds largest independent lubricant manufacturer. Fuchs Group took in almost $2.9 billion in sales in 2018.
The acquisition, and the Nye team, will significantly increase our R&D and engineering expertise while using Fuchs supply chain and market presence to satisfy emerging customer needs, Keith Brewer, president and CEO of Fuchs Lubricants Co. USA, said in a news release.
Joining forces with Fuchs presents Nye with tremendous resources and expertise to broaden its solutions for an ever-increasing global customer base, said George Mock, president and CEO of Nye Lubricants.
Fuchs Lubricants Co. USA declined to disclose the cost of the acquisition.
The companies expect the transaction to close toward the end of 2019.