Volume 5 Issue 12

Solvay Considers Splitting Business

Brussels, 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

Fuchs 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

Shell 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

CNOOC Prepares Group III Expansion

Vietnam Weighs Tax Cut for Lubes

U.S. Base Oil Imports Jumped in 2021

Briefly Noted

New 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.