FUCHS acquires White Oils and Food Machinery Lubricants Business from Chevron
DGAP-News: FUCHS PETROLUB SE / Key word(s): Mergers & Acquisitions
2016-05-03 / 10:19
The issuer is solely responsible for the content of this announcement.
FUCHS acquires White Oils and Food Machinery Lubricants Business from Chevron
Global lubrication specialist FUCHS PETROLUB is expanding by taking over the worldwide white oils and food machinery specialty lubricants business of Chevron. The business will be integrated into FUCHS LUBRICANTS CO. (USA). The Chevron business had sales of EUR 11 million in 2015, approximately 85% of which are in North America.
"Food Grade customers require support in the areas of Food Safety, Preventative Maintenance and Lubricant Technology. FUCHS has developed a successful program around the CASSIDA brand and complementary services," said Steve Puffpaff, CEO of FUCHS LUBRICANTS COMPANY. "The acquisition and new marketer partnerships will significantly improve the scale for support for Food Grade Lubricant customers."
"We believe this change will benefit our customers and marketers as FUCHS is a leader in these specialty segments and can meet their needs with an expanded food machinery product line," said Brian Stripling, General Manager Brand, Technology & Original Equipment Manufacturer (OEM), Chevron Products Company, a division of Chevron U.S.A. Inc. "Chevron values our customer relationships and we are committed to a smooth and seamless transition to FUCHS."
The parties expect the transaction will be effective June 1, 2016.
In 2015, the FUCHS Group accounted for EUR 2.1 billion sales with staff of 4,823. FUCHS LUBRICANTS CO. (USA) made EUR 263 million sales with 349 employees.
Mannheim, May 3, 2016
FUCHS PETROLUB SE
Public Relations
Friesenheimer Str. 17
68169 Mannheim
Tel. +49 (0)621 3802-1104
tina.vogel@fuchs-oil.de
www.fuchs.com/group
About FUCHS
The FUCHS Group develops, produces and markets high-grade lubricants and related specialties for virtually all industries and areas of application. The company, which was founded in Mannheim in 1931, employs around 5,000 people worldwide at 60 operating companies. FUCHS is the world's largest independent lubricant manufacturer. The most important markets in terms of sales revenues are Western Europe, Asia and North America.
Important note
This press release contains statements about future developments that are based on assumptions and estimates by the management of FUCHS PETROLUB SE. Even if the management is of the opinion that these assumptions and estimates are accurate, future actual developments and future actual results may differ significantly from these assumptions and estimates due to a variety of factors. These factors can, for example, include changes in the overall economic climate, changes in procurement prices, changes to exchange rates and interest rates, and changes within the lubricants industry. FUCHS PETROLUB SE provides no guarantee that future developments and the results actually achieved in the future will match the assumptions and estimates set out in this press release and assumes no liability for such.
2016-05-03 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
Language: English Company: FUCHS PETROLUB SE Friesenheimer Str. 17 68169 Mannheim Germany Phone: +49 (0)621 / 3802-0 Fax: +49 (0)621 / 3802-7190 E-mail: ir@fuchs-oil.de Internet: www.fuchs-oil.de ISIN: DE0005790430, DE0005790406 WKN: 579043, 579040 Indices: MDAX Listed: Regulated Market in Frankfurt (Prime Standard), Stuttgart; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich; Terminbörse EUREX
End of News DGAP News Service
2016-05-03 / 10:19
The issuer is solely responsible for the content of this announcement.
FUCHS acquires White Oils and Food Machinery Lubricants Business from Chevron
Global lubrication specialist FUCHS PETROLUB is expanding by taking over the worldwide white oils and food machinery specialty lubricants business of Chevron. The business will be integrated into FUCHS LUBRICANTS CO. (USA). The Chevron business had sales of EUR 11 million in 2015, approximately 85% of which are in North America.
"Food Grade customers require support in the areas of Food Safety, Preventative Maintenance and Lubricant Technology. FUCHS has developed a successful program around the CASSIDA brand and complementary services," said Steve Puffpaff, CEO of FUCHS LUBRICANTS COMPANY. "The acquisition and new marketer partnerships will significantly improve the scale for support for Food Grade Lubricant customers."
"We believe this change will benefit our customers and marketers as FUCHS is a leader in these specialty segments and can meet their needs with an expanded food machinery product line," said Brian Stripling, General Manager Brand, Technology & Original Equipment Manufacturer (OEM), Chevron Products Company, a division of Chevron U.S.A. Inc. "Chevron values our customer relationships and we are committed to a smooth and seamless transition to FUCHS."
The parties expect the transaction will be effective June 1, 2016.
In 2015, the FUCHS Group accounted for EUR 2.1 billion sales with staff of 4,823. FUCHS LUBRICANTS CO. (USA) made EUR 263 million sales with 349 employees.
Mannheim, May 3, 2016
FUCHS PETROLUB SE
Public Relations
Friesenheimer Str. 17
68169 Mannheim
Tel. +49 (0)621 3802-1104
tina.vogel@fuchs-oil.de
www.fuchs.com/group
About FUCHS
The FUCHS Group develops, produces and markets high-grade lubricants and related specialties for virtually all industries and areas of application. The company, which was founded in Mannheim in 1931, employs around 5,000 people worldwide at 60 operating companies. FUCHS is the world's largest independent lubricant manufacturer. The most important markets in terms of sales revenues are Western Europe, Asia and North America.
Important note
This press release contains statements about future developments that are based on assumptions and estimates by the management of FUCHS PETROLUB SE. Even if the management is of the opinion that these assumptions and estimates are accurate, future actual developments and future actual results may differ significantly from these assumptions and estimates due to a variety of factors. These factors can, for example, include changes in the overall economic climate, changes in procurement prices, changes to exchange rates and interest rates, and changes within the lubricants industry. FUCHS PETROLUB SE provides no guarantee that future developments and the results actually achieved in the future will match the assumptions and estimates set out in this press release and assumes no liability for such.
2016-05-03 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
Language: English Company: FUCHS PETROLUB SE Friesenheimer Str. 17 68169 Mannheim Germany Phone: +49 (0)621 / 3802-0 Fax: +49 (0)621 / 3802-7190 E-mail: ir@fuchs-oil.de Internet: www.fuchs-oil.de ISIN: DE0005790430, DE0005790406 WKN: 579043, 579040 Indices: MDAX Listed: Regulated Market in Frankfurt (Prime Standard), Stuttgart; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich; Terminbörse EUREX
End of News DGAP News Service