Italmatch Chemicals Group (Genova, Italy; www.italmatch.com) entered into an agreement to quire the metalworking fluid business (formally known at Polartech) from Afton Chemical (Richmond, Va.; www.aftonchemical.com).
In particular, the deal includes the acquisition of the entire business and assets relating to metalworking fluid carried out at sites in Bedford Park (Illinois, USA) and Manchester (U.K.), as well as technology, production and business activities in Hyderabad, India and China.
This transaction further strengthens Italmatch Chemicals Group’s position in the industrial lubricants and MWF business, integrating the current production range with a series of fluid additives for high-performance metal processing thanks to the application of advanced technologies.
Sergio Iorio, CEO of Italmatch Chemicals Group, stated: “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, an industrial lubricants business, allowing an important development of our current production range, through the introduction of new and advanced technologies mainly dedicated to 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.”
The transaction is expected to close by the end of May 2018.