Tide Water Oil (India) has acquired BPs Veedol lubricants brand, including registered trademarks and logos.
Tide Water Oil (India) Ltd. has informed [Bombay Stock Exchange] that the company has acquired 100 percent shares of Veedol International Ltd., a company registered in United Kingdom and a wholly owned subsidiary of BP Plc on Oct. 19, 2011, the Indian company stated in an Oct. 24 regulatory filing.
Tide Water said it had built a substantial lubricant business in India using the Veedol brand and had an obvious interest in acquiring [Veedol International Ltd.] as it presented a rare and unique opportunity to purchase a near 100 year old lubricant brand with an established and strong brand image globally, according to an Oct. 25 press release.
Tide Water expects the acquisition to open up opportunities for export and sale of lubricants under the Veedol brand to various geographies around the world. According to the Indian company, all rights, title and interest in the Veedol brand post acquisition will pass on to Tide Water Oil in the territories where Veedol International Ltd. previously owned registrations for the brand, in more than 100 countries.
Due to confidentiality of the agreement we are unable to provide any details about the deal, BP spokeswoman Sheila Williams told Lube Report.
In February, BP announced it was seeking buyers for its Duckhams and Veedol lubricant brands, which have both existed since the turn of the 20th century.
The successful buyer would get global rights to a wide portfolio of registered trademarks for the respective master brand as well as the associated product sub-brands and iconic logos, BP said at the time. It would not include sales or customer lists, any product formulation or rights, or any commitment for supply or other operational support.
BP had stated that because it decided to focus sales on building its core Castrol and BP lubricant brands, it had recently transitioned customers from the Veedol and Duckhams brands.
Founded in 1928, Tide Waters products include engine oils for trucks, tractors, construction equipment, passenger cars and motorcycles. It also produces gear oils, transmission oils, coolants and greases. The company has tie-ups for manufacturing genuine oils for a number of original equipment manufacturers in the automotive and industrial equipment segment.
Based in Kolkata, Tide Water Oil (India) is a member of the multi divisional Andrew Yule group.