HollyFrontier last Tuesday announced that it has entered into a definitive agreement to acquire Red Giant Oil Company. Headquartered in Council Bluffs, Iowa, Red Giant Oil is a private family-owned lubricants company, and is, according to the company, one of the largest suppliers of locomotive engine oil in North America.
Shifting Vehicle Ownership Models and Increased Focus from OEMs to Drive Growth in Genuine Oils through 2022
Due to shifting consumer behavior and OEMs’ desire to capture a greater share of the aftermarket sales and service of their vehicles, genuine oil consumption is projected to grow at a strong compound annual growth rate of 4% through 2022 across all major markets. OEM genuine oil consumption accounts for estimated 15% of the global PCMO consumption in 2017.
It's Official - Idemitsu and Showa Shell Sekiyu to Merge
Japanese oil refiners Idemitsu Kosan and Showa Shell Sekiyu last Tuesday announced they have agreed to merge on April 1, 2019, after Idemitsu’s founding family dropped its long-standing opposition to the plan. The combined firm would account for about 30 percent of Japan’s domestic gasoline sales, second only to JXTG Holdings, which controls about 50 percent of the market.
LANXESS’ 2017 U.S. Sales Increased by 40% to USD 1.9 Billion
Specialty chemicals group LANXESS has reported that with the acquisition of Chemtura in spring 2017, its additives business of has become a strong pillar for the group – globally, but especially in North America. The company’s total U.S. sales have increased by 40 percent from USD 1.4 billion to 1.9 billion, the highest number in the company’s history.
Quaker Chemical Updates Timing on Houghton Integration
Quaker Chemical said last Monday it is in discussion with the European Commission and the United States Federal Trade Commission regarding its combination with Houghton International, now expected to close in the fourth quarter of 2018.
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