Schumann Steier Inc. has added a wax division, following its acquisition of the Caromex wax brand, employees and worldwide agency network. Terms of the acquisition were not disclosed.
“The Caromex product line is synergistic with the Schumann Steier lube oils product line,” SSI President Arthur Steier told Lube Report. “We have a lot of the same suppliers, and a lot of the same customers, so we can really benefit from combining the resources of both entities.”
The Caromex employees will eventually move from their Fort Mill, S.C., offices to SSIs headquarters in Coral Gables, Fla. “The deal is closed, and we have begun the integration, which should be about a 60 to 90 day process,” Steier added.
Caromex’s diversity in products was especially appealing, Steier noted, in its “penetration into the market, their ability to create proprietary products and reach outside the traditional hydrocarbon wax product range. They’ve done some fantastic things in the area of proprietary blends. And as the traditional waxes from [API] Group I lube oil production become more and more scarce, these are the waxes of the future. Caromex are also experienced with synthetic wax blends.”
The Caromex branded products include microcrystalline, polyethylene, carnauba and paraffin waxes, specialty waxes and additives, and hydrogenated triglycerides. “We will begin by absorbing the entire product line, and then as we see the business develop as an SSI division, there may be changes down the road,” Steier said.
Jose Luis Montes, general manager of SSI’s new wax division, said, “In addition to a broader integrated product offering combined with SSI’s traditional focus and strength in the lubricants business, SSI customers will now have access to improved application and product development as well as leading edge logistical support.”