Exxon Mobil Corp. and Royal Dutch Shell PLC confirm that they are undertaking a study of strategic alternatives for Infineum International Ltd., the additives joint venture that teamed up the two companies additives divisions in 1999.
At this stage, the study is ongoing, and no decisions have been made, an ExxonMobil spokeswoman told Lube Report yesterday. ExxonMobil continuously and rigorously assesses the companys global portfolio of businesses and their opportunities for growth, restructuring or divestment, depending upon fit with its overall strategic business objectives.
Shell press officer Alexandra Wright also confirmed to Lube Report that the study looking at alternatives for Infineum was ongoing. She said there were no new developments with it.
In aDecember 2004press release, Infineumreferred toitselfas a $1.5 billion company. ExxonMobil and Shell do not issue separate earnings reports for the joint venture.
Formed in January 1999, Infineum is a 50/50 joint venture between ExxonMobil and Shell that brought together their respective additives divisions – Paramins and Shell Additives. The joint venture started with 2,000 employees. Infineum is headquartered in Milton Hill, United Kingdom, and has regional business and technology centers in Linden, N.J., the U.K. and Singapore.
Infineum is a developer, manufacturer and marketer of lubricant additives used primarily in automotive, heavy-duty diesel and marine engines, along with additives for fuels and refineries. Its customers are oil companies and other lubricant and fuel marketers worldwide. The product line also includes specialty lubricant additives for 2 and 4 stroke engines, automotive transmission fluids, gear and industrial oils.