Volume 12 Issue 43

Clean Harbors to Acquire Safety-Kleen

Clean Harbors on Monday announced plans to acquire rerefiner Safety-Kleen in an all-cash transaction valued at $1.25 billion. Safety-Kleen, headquartered in Richardson, Texas, is owned by a group of investors, including Highland Capital Management of Dallas, Texas. Subject to approval by U.S. and Canadian regulators, as well as other closing conditions, the transaction is expected to be completed by the end of 2012. While Norwell, Mass.-based Clean Harbors has received a financing commitment fr...

Global Lube Demand Flat

DUBAI, United Arab Emirates – Its time to take off the rose tinted glasses; global finished lubricant demand will decline through 2013, and barely return to current levels by 2017, predicted Stephen B. Ames. Gross domestic product is a very good indicator of lube demand, Ames told the ICIS Middle Eastern Base Oils & Lubricants here earlier this month. Based on the International Monetary Funds GDP projections in its October 2012 World Economic Outlook, Ames expects global lubricant de...

Spectrum to Expand

Spectrum Corp. will invest $1.8 million to expand its Selmer, Tenn., facility, adding warehouse space and creating 26 new full-time jobs. We acquired 10.4 acres and 55,500 square feet of warehouse space where we intend to install additional packaging lines, Spectrum President and CEO Kent Farmer told Lube Report. Its adjacent to our current property, which is fantastic because we can run pipes next door. So were very excited about it. It provides opportunities to increase our employment over th...

Q3 Mixed for Afton, SK Lubricants

NewMarkets Afton Chemical additives subsidiary saw an increase in operating profit and a slight decrease in revenue, while South Korean base oil refiner SK Lubricants experienced a decrease in operating profit and a a rise in sales for the quarter ending Sept. 30, compared to the year-earlier quarter. Afton Chemical Afton Chemical posted operating profit of $96.3 million in the quarter ending Sept. 30, up 15 percent from $84.1 million in the year-earlier quarter, excluding a $38.7 million gain ...

Rosy Outlook for MidEast Industry

DUBAI, United Arab Emirates – With its emphasis on infrastructure investment and economic diversity, the Middle East is a growing and untapped industrial lubricant market, one expert contends. Manufacturing accounts for a growing percent of both gross domestic product and exports in the Middle East, as many nations in the region have poured billions of dollars into infrastructure and industries, Mehrdad Vajedi, Middle East area sales manager for Nynas AB, told this months ICIS Middle East...