Ethyl Corp. said that its second quarter earnings from continuing operations dropped 73 percent, to $1.4 million, or 9 cents per share. Decreased earnings from sales of the tetraethyl lead gasoline additive outweighed a 26 percent increase in operating profit from the petroleum additives segment. Including non-recurring expenses – principally losses from impairments or sale of non-performing assets – Ethyl lost $2.5 million for the period ended June 30. The Richmond, Va., company pos...

Third Coast Industries will not rise from the ashes of a devastating fire, after all. The Friendswood, Texas, lubricant blender, which said six weeks ago that it intended to rebuild the plant that was destroyed in the May 1 blaze, told Lube Report last week that it has reversed its decision and plans to exit the lubes business. It was clearly my intent to rebuild, President Tim Elliott said. But the other shareholders voted me down. Third Coast Industries, a division of Third Coast Packaging Inc...

Automakers have been saying for years that they want formulators to cut the phosphorus content of motor oils, to reduce its poisonous effect on catalytic converters. However, ZDDP, which contains phosphorus, is a proven, affordable engine oil antiwear and antioxidant agent. Today’s GF-3 engine oils may contain 0.10 percent maximum phosphorus, but the auto industry would like to see that volume halved within just a few years. Reducing ZDDP by half in a single step would be a significant co...

Valvoline parent company Ashland Inc. announced Friday that Chairman and Chief Executive Officer Paul W. Chellgren is stepping down after violating a company policy against dating subordinates. Ashland, based in Covington, Ky., said its board of directors and Chellgren reached a mutual agreement that he will retire effective Nov. 15. In its initial announcement Friday morning, the company did not cite a reason for the action. Later that day the company issued a clarification stating that Chellgr...