Volume 4 Issue 44

Fuchs Profit Dipped in Third Quarter

Lubricants blender Fuchs Petrolub SE reported a slight decrease in profits on higher sales for the third quarter, citing the impacts of rising raw material prices on its margins. The company, based in Mannheim, Germany, reported €62 million in earnings after tax for the quarter ending Sept. 30, down 2% from €63 million in the same period last year. Sales revenue for the quarter rose 16% to €718 million, improving from €620 million.

Israel Extends Excise Tax to Lubes

In an effort to discourage tax-dodging mixing with diesel, Israeli officials signed an order last week to impose an excise tax on lubricants and solvents. The tax, which was originally intended to take effect at the start of 2020, will assess a duty of 3 new shekels per liter on lubricants and solvents. It is scheduled to take effect in early December but still requires approval of a legislative committee.

Telko Buys Estonian Distributor

Lubricants distributor Telko Ltd. will acquire fellow distributor Mentum AS, the company announced last week. Based in Tallinn, Estonia, but with operations in Latvia and Lithuania, Mentum distributes Castrol products throughout the Baltics in the automotive, industrial and marine industries.

From Other Editions of Lube Report

Pear Grower Plans to Buy Tongyi

Profits Up for SK, S-Oil, Hi-Tech

Trucking Crisis Drags on Industry

Briefly Noted

Ittervoort, Netherlands-based BRB – manufacturer of lubricant additives, silicones and other specialty chemicals – announced on Nov. 1 its rebranding as a subsidiary of Petronas. In September 2019, Malaysia-based Petronas Chemicals Group Berhad acquired Da Vinci Group BV, widely known as BRB, as part of its strategy to pursue growth in specialty chemicals. BRB will continue to operate independently.  Michael Hind will step down as chairman of London-based marketer and distributor SIP Specialty Oils and Fluids effective Dec. 31, after 25 years in the role, and will remain a company shareholder and director. Effective Jan. 1, 2022, Steve Spencer will step down from his current role of managing director and take over as chairman, while Tobias Tasche, currently marketing and development director, will become managing director.