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.
Telko is headquartered in Espoo, Finland, is a subsidiary of the Aspo Group and has worked with Castrol since 1958. Telko distributes to Scandinavia and works in the plastic raw materials and industrial chemicals industries.
“Telko continues to develop its business according to its strategy in higher value-added products,” Mikko Pasanen, CEO of Telko, said in an Oct. 27 press release. “This acquisition strengthens the weight of our lubricant business in Telko’s business portfolio.”
The acquisition will increase Telko’s sales by 10 million euros, the company said, and “will not significantly affect Telko’s profitability in 2022.” Signed into agreement on Oct. 26, the transaction is expected to close sometime this year subject to regulatory approval.