FUCHS strengthens presence in Vietnam through joint venture
The FUCHS Group, which operates globally in the lubricants industry, has acquired 70% of the lubricant business of the specialty distributor STD & S Co., Ltd. based in Vietnam. The business will be integrated into the subsidiary FUCHS LUBRICANTS VIETNAM COMPANY LTD. in which the owner of STD & S Co., Ltd. will hold a 30% share.
The new joint venture enables FUCHS to offer its customers automotive, industrial, mining and specialty lubricants from a single source. In addition, FUCHS strengthens its presence in the Cambodian market, which is currently served by STD & S Co., Ltd.
"Vietnam is an emerging market with great growth potential. This joint venture emphasizes our ambition to establish ourselves in Vietnam in the long term and to expand our business there," explains Dr. Timo Reister, Member of the Executive Board at FUCHS and responsible for the Asia-Pacific region.
FUCHS has been successfully working with STD & S Co., Ltd. for more than a decade. The new joint venture employs 13 people and generated sales of around EUR 4.5 million in the 2020 financial year.
Mannheim, February 9, 2021
FUCHS PETROLUB SE
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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 almost 6,000 people worldwide at 62 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.
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