Early this year, Chemtura Corp. took on a new shape. On Jan. 31, it bulked up its specialty lubricants business with the assets of Kaufman Holdings Corp., parent company of Anderol and Hatco Corp. Anderol, which also owns the Royco brand, is known for its high-value synthetic lubricants for industrial applications, while Hatco is a global leader in polyolesters used for jet turbine engine oils and refrigeration lubricants. Chemtura paid $160 million for Kaufman, which had 300 employees and 2006 revenues in excess of $200 million – more than half the size of its own Petroleum Additives business. It then had to digest this tasty new possession.
That was made easier by a corporate restructuring, planned since November and unveiled in late March. The companys six business units were pancaked down to just four, and its command chain streamlined. Anderol and Hatco found their home in Chemturas newly created Performance Specialties business unit, along with a broad array of lubricant and fuel additives, sulfonates, greases, fire-resistant hydraulic fluids, PAOs and other diverse products.