GTS Chemical Holdings reported that sales revenue for its lubricants division jumped 52 percent in 2015, thanks to continued expansion of the business.
The lubricants division had revenue of 211.1 million Chinese yuan in 2015 compared to 138.6 million for 2014. Lubricants represented 23 percent of the total revenue for 2015, up from 20 percent posted in 2014, and the company believes it will continue its steady growth compared to its specialty chemicals division.
An additional lubricant oil production line was added during the year which has allowed for the continued expansion of the division, said GTS in a preliminary earnings statement posted at the end of January. The number of distributors has been increased from 48 to 76 within the year, and we are now concentrating more on supporting our existing distributors to increase their sales.
Among the highlights cited by the company was its expectation that the American Petroleum Institute will, by the end of 2016s first quarter, grant GTS license to market its engine oils as meeting API engine oil specifications.
GTS Chemical Holdings is a specialty chemicals and lubricants producer located in Shandong province, an area with a large presence of downstream industries. Its lubricant oil division services the automotive and industrial markets.