FUCHS acquires high-performance specialty synthetic lubricant manufacturer in the US
The FUCHS Group, which operates globally in the lubricants industry, has signed an agreement to acquire Nye Lubricants Inc. The Fairhaven, Massachusetts, manufacturer is a leader in the innovation, formulation and manufacturing of synthetic lubricants. Pending final closing of this acquisition, the FUCHS Group further expands its specialty lubricants product portfolio, offering engineered solutions across multiple markets while creating opportunities to serve new high-end and critical applications. The business will continue to be operated out of its Fairhaven, Massachusetts, location.
"Nye's mission is to partner with innovative companies and provide high-performance lubricants using our leading-edge technology and engineering expertise. It combines its integrity, proven experience and deep technical knowledge to solve its customers' toughest engineering challenges focusing on the automotive, medical, aerospace and in-vacuum industries," says George Mock, President of Nye.
"We are very excited to have Nye join the FUCHS Group. While FUCHS and Nye operate in the same industries, the Nye product offering allows us to capitalize on additional high value-added applications. This furthers FUCHS' objective to be able to offer a full lubricant solution into our target markets," says Stefan Fuchs, Chairman of the Executive Board of FUCHS PETROLUB SE.
"Nye brings specific engineering expertise and a design partnership approach to the customer relationship that is unique. We will use this approach and build upon it using our broad market penetration. The acquisition, and the Nye team, will significantly increase our R&D and engineering expertise while using FUCHS' supply chain and market presence to satisfy emerging customer needs," adds Keith Brewer, President & CEO of FUCHS LUBRICANTS CO., USA.
The parties expect that the transaction will close towards the end of 2019.
Nye employs 180 people and generated USD 51 million (approx. EUR 46 million) in sales in its fiscal year 2018, throughout North America, Europe and Asia.
In 2018 the FUCHS Group accounted for EUR 2,567 million sales with staff of 5,446. FUCHS LUBRICANTS CO. (USA) generated sales of EUR 284 million with 420 employees.
Mannheim, October 21, 2019
FUCHS PETROLUB SE
Friesenheimer Str. 17
Tel. +49 621 3802-1104
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The FUCHS Group develops, produces and markets high-grade lubricants and related specialties for virtually all industries and areas of application. Formed in Mannheim in 1931, the Group employs around 5,500 people worldwide at 58 operating companies. FUCHS is the world's largest independent lubricant manufacturer. Its most important markets in terms of sales revenues are Western Europe, Asia and North America.
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, actual future developments and results can 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 in 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.