FUCHS announces acquisition of NULON Products Australia Pty Ltd
The FUCHS Group, which operates globally in the lubricants industry, has signed an agreement to acquire NULON Products Australia Pty Ltd. Closing is expected at the beginning of the second quarter. The addition is part of FUCHS AUSTRALASIA's expansion into the automotive retail sector and compliments its existing Automotive, Mining, Industrial and OEM businesses. The NULON brand with sales revenues of around AUD 40 million (approx. EUR 25 million) and 65 employees will be retained, and the products will continue to be manufactured locally.
"We are delighted that NULON Products Australia is becoming part of FUCHS AUSTRALASIA," said Stefan Fuchs, Chairman of the Executive Board of FUCHS PETROLUB SE. "We see exciting opportunities ahead for both brands."
"This acquisition is a very strong fit for both FUCHS and NULON," commented Wayne Hoiles, Managing Director of FUCHS AUSTRALASIA. "It's two family-run businesses coming together. FUCHS' strong research and development capabilities will enhance the innovation platform that NULON is best known for. FUCHS is looking forward to welcoming the NULON team into the FUCHS family."
Mannheim, March 6, 2019
FUCHS PETROLUB SE
Friesenheimer Str. 17
Tel. +49 621 3802-1104
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 more than 5,000 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.
NULON Products Australia Pty Ltd is a manufacturer of lubricants, coolants and additives for the automotive market. It was founded in 1980 by Leon Simons and to this day has been run by Leon's sons, Greg and John. NULON now employs more than sixty people, and its products can be found on the shelves of many of the leading auto accessory retail outlets across Australia and New Zealand.
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.
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