GP Global has acquired a majority stake in United Arab Emirates based Mag Lube in a deal that values the company at close to U.S. $75 million, GP announced in an April 11 press statement. Formerly known as Gulf Petrochem Group, GP will gain access to Mag Lubes business in more than 40 countries spanning the Middle East, Africa and Asia.
German specialty chemicals producer Evonik announced last month that it is considering the sale of its methacrylates business. The company advised, though, that the divestment will not affect its oil additives business, which supplies lubricant additives.
Italmatch Chemicals completed its latest acquisition last week, announcing that it closed its purchase of Jiayou Chemical from Ecolab Inc.
Italmatch Chemicals Group formed a lubricant additives business unit in the wake of Decembers acquisition of Elco Corp. and parent company Detrex. Italmatch said the new unit, named Lubricant Performance Additives will work to create new additive packages using the combined chemistries of Elco and Italmatch.
Luberef announced last week that it has completed a long-awaited upgrade and expansion of its base oil plant in Yanbu, Saudi Arabia, and that API Group II stocks are now being shipped from the facility.
Chemical manufacturer Saudi Basic Industries Corp. purchased a 24.99 percent stake in Clariant, making the Saudi Arabian company the largest Clariant shareholder. The shares were previously owned by White Tale and 40 North. Financial terms of the agreement were not disclosed.
Global lubricant demand reached 35.7 million metric tons in 2017, neck-and-neck with the year before, indicates an initial tally from Fuchs Petrolub SE. Perhaps 900,000 tons or more of that could evaporate in the coming decade, however, due to electric vehicles and other disruptive technologies, a company executive warned.
Four years after acquiring the Lubritene and Lubrasa specialty lubricant businesses and making them part of its South Africa subsidiary, Fuchs Petrolub has turned them into a division of its Lubritech specialty lubricants company.
South Africas Competition Commission has endorsed Sinopecs bid to acquire a controlling stake in Chevrons downstream operations in the country, the latest step in a back-and-forth competition for the business.
German lubricant marketer Liqui Moly announced last week that it had been acquired by Adolf Wuerth GmbH & Co. in a deal intended to ensure stability for Liqui Molys future.