Shell to Sell Its Stake in Tongyi Lubricants in China
Shell has agreed to sell its 75% stake in Tongyi Lubricants in China to The Carlyle Group and Huo's Group, its present joint venture partner. The transaction is expected to complete by late 2015 or early 2016. Shell didn't disclose the price it received for the 75% stake in Tongyi Lubricants, a business Shell acquired in 2006.
Ashland Inc. is investing USD 35 million to build a new 145,000-square-foot office building on its Lexington, KY campus. The new building will house Valvoline and other Ashland corporate employees. Construction will begin in the fall with completion targeted by February 2017.
FUCHS PETROLUB has announced it is acquiring Stockholm, Sweden-based Statoil Fuel & Retail Lubricants AB (SFR Lubricants) from Couche-Tard Luxembourg. SFR Lubricants is one of the leading lubricant providers in Scandinavia and also operates in Poland, Russia and the Baltic States.
Afton Chemical Names ChemPoint Exclusive Packaged Goods Distributor in U.S. and Canada
Afton Chemical announced last Wednesday that it has selected ChemPoint.com, Inc., a wholly owned subsidiary of Univar Inc., as its exclusive distributor of packaged goods in the United States and Canada, effective August 1, 2015.
Calumet reported net income for the quarter of $2.5 million compared to a net loss of $8.3 million for the same quarter in 2014, while HollyFrontier reported second quarter net income of $360.8 million compared to $176.4 million for the quarter ended June 30, 2014.
Shell announced last week that it is the first company in the lubricants sector to launch an artificial intelligence-driven service for customers - Shell Virtual Assistant. It is an interactive one-stop shop on the Shell website where customers and distributors can ask common lubricant-related questions.
The U.S. legal entity Rhein Chemie has merged into its parent LANXESS as business unit Rhein Chemie Additives effective August 1. The merger is part of the previously announced LANXESS Group-wide restructuring program initiated in 2014 that resulted in the merger of several business units.
