Volume 5 Issue 12
Solvay Considers Splitting Business
March 22, 2022Brussels, Belgium-based Solvay announced last week it was reviewing plans to separate the company into two independent publicly traded companies – EssentialCo and SpecialtyCo. Solvay makes perfluoropolyether lubricants and a wide variety of additives for lubricants and metalworking fluids.
Fuchs’ Profits Up in 2021
March 22, 2022Fuchs Petrolub SE, the world’s largest independent lubricant supplier, reported a 15% increase in profits after tax in 2021 – reflecting recovery from COVID-19’s initial economic impacts in 2020 and an improvement on 2019’s earnings, while fourth quarter earnings after taxes dropped almost 30%.
Totachi JV Expands in Russia
March 22, 2022Shell has vowed to close its lubricant business along with other operations in Russia to protest that country’s invasion of Ukraine. TotalEnergies said it will consider action, while other foreign lube marketers have yet to comment on the issue. Meanwhile, one Japanese lubricant supplier said it will expand operations at a joint venture in Russia, in part to fill a void created by the departure of other companies.
From Other Editions of Lube Report
March 22, 2022CNOOC Prepares Group III Expansion
Briefly Noted
March 22, 2022New passenger car registrations in the European Union declined to 719,465 in February, down 7% compared to the same month last year, the European Automobile Manufacturers Association reported. Hindered by supply chain disruptions that car manufacturers continue to face, the number of units sold was the lowest since the association began keeping such records.