Volume 4 Issue 44
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.
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.
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.