Italmatch Chemicals is to acquire Afton Chemical’s metalworking fluid business (formerly Polartech).
The deal includes the acquisition of the entire business and assets relating to metalworking fluid carried out in Bedford Park (Illinois, USA) and Manchester (UK, Europe) sites, the know-how, technology and business in India and China, with production carried out from Hyderabad plant and in China.
Sergio Iorio, CEO of Italmatch Chemicals Group, says: “This acquisition represents for Italmatch Chemicals a significant step forward in the strategy of expanding its market position in the industrial lubricants market. The agreement strategically follows the recent acquisition of Elco Corporation in the USA, still in industrial lubricants business, allowing an important development of our current production range, through the introduction of new and advanced technologies mainly dedicated to water MWF and permitting to count on new sites in the USA, in Europe and India. In the recent years we have heavily invested in this field and we are proud to be considered today a leading international player.”
Maurizio Turci, CFO, Corporate Affairs and HR Director of Italmatch Chemicals Group, says: “The transaction falls into Italmatch Chemicals Group’s growth strategy and follows the recent acquisitions in Latin America, in the USA and in Asia-Pacific and proves the Group’s aim to keep growing also through external lines and global coverages. From an industrial point of view, this acquisition presents strong components of innovation, research and technology and with the launch of significant entrepreneurial and commercial synergies, it can have a positive impact on medium/ long-term sustainability for the results of the industrial lubricants Business Unit. “
The transaction is expected to close by the end of May 2018.
