Lubrizol to buy Chemtool
US chemical giant Lubrizol is set to add specialist grease manufacturing to its portfolio with a new acquistion.
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Chemtool grease manufacture Image:Chemtool |
Cleveland, Ohio, based Lubrizol has inked an agreement to buy Chemtool Inc. for an undisclosed sum. The deal will add the specialist grease maker and distributor to Lubrizol's Additives Custom Solutions division and is set to be completed by the end of the year.
According to Lubrizol, the deal meets the requirements of it's division's business, particularly at a time when an increasing number of its clients are outsourcing grease production.
With Chemtools' specialism in greases for the lubricants industry, the purchase has considerable synergy with Lubrizol's activities in the sector.
In return, Chemtool - which was founded almost 50 years ago in Rockton, Illinois - will be able to exploit its new parent's global reach to support existing non-US customers as well as developing new markets and product range. It will also benefit from added investment and technology input.
As well as greases, Chemtool also manufactures fluids for cleaning, heat transfer, drawing and stamping, as well as gear and lubricating oils.
