Volume 5 Issue 12
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 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%.
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.