Ethyl Unveils New Name


Ethyl Corp. announced May 5 that it plans to rename its Petroleum Additives business Afton Chemical Corp. following a restructuring that it hopes to have approved at the end of this month.

The restructuring plan – which will be put to a shareholder vote at the companys annual meeting May 27 – would create a holding company, NewMarket Corp., and transform Ethyls two existing operating segments into separate businesses. The tetraethyl lead business would keep the Ethyl name. The petroleum additives business, which supplies additive packages for lubricants and fuels, would be christened Afton, effective July 1.

A company spokeswoman said management took the name Afton from one of Virginias tallest mountains, located near Waynesboro, Va., in the Blue Ridge Mountains. Ethyl is based in Richmond, Va.

They wanted a name that would stand for endurance and would also allude to the companys Virginia heritage, Marketing Communications Manager Lauren Ereio said.

Ethyl announced the restructuring plan in March and is currently mailing letters to customers and suppliers to explain its plans. President and Chief Executive Officer Teddy E. Gottwald said in the letter that the changes will benefit the company in two ways.

First, by clearly distinguishing our parent from its operating subsidiaries, the creation of NewMarket brings clarity to our operating structure and establishes a foundation for our future evolution, he said. With a holding company, acquisitions and joint ventures are simplified, diversification into new markets is easier, and financing options are improved.

Second, and equally important, the new corporate structure allows Afton and Ethyl management to focus more intensely than ever on the strategies, systems, and opportunities that offer the greatest potential for their respective product lines and markets.

Planned new logos for all three entities – NewMarket, Afton and Ethyl – can be seen at

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