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Compressor OEM Gardner Denver to be Acquired
Compressor, pump and blower manufacturer Gardner Denver last Friday entered into a merger agreement with global investment firm KKR (Kohlberg Kravis Roberts) in a transaction valued at approximately $3.9 billion. The company began to explore strategic alternatives back in late October 2012. The transaction is currently expected to close in the third quarter 2013.
[FULL STORY]
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Neste Oil Adds NEXBASE® 3060 to Bahrain Slate
Neste Oil, in February 2013, started producing NEXBASE® 3060 base oil at its joint venture plant in Sitrah, Bahrain. NEXBASE® 3060, at 6 cSt, is part of Neste Oils global base oil slate and has previously only been produced at the Porvoo refinery in Finland. NEXBASE® 3043 and 3080 base oil cuts are also produced at the Bahrain plant.
[FULL STORY]
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Phillips 66 Appoints Ann Oglesby GM Lubricants
Phillips 66 Lubricants announced last week that Ann Oglesby, a 25-year veteran of the oil and natural gas industry who most recently served as Phillips 66’s vice president, Communications and Public Affairs, has been named the new general manager of Phillips 66 Lubricants. After 11 years in the division’s top role, Tom Liberti will transition into a different leadership role within the company.
[FULL STORY]
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Promising Forecast for U.S. Re-refining Industry
With a projected CAGR exceeding 23% over the next five years, the future of the U.S. re-refined basestocks market looks promising according to a recently published report by Kline & Co. Given that all announcements pertaining to expansions and new capacities go as planned, it is anticipated that the re-refining industry will see a robust growth to an estimated 1,390 KT by 2016.
[FULL STORY]
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UK's Exol Lubricants to Invest £2 Million on Plant Upgrade
Exol Lubricants is investing more than £2 (US$3) million in redeveloping its head office and manufacturing site, based in Wednesbury, UK. The redevelopment of the 120,000 sq ft site will commence in July 2013 and is expected to take six months to complete. Exol Lubricants is also making improvements to its Rotherham site.
[FULL STORY]
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Petron Exits Lubes Business
Petron Malaysia Refining & Marketing Bhd has exited the lubricant business because "the challenges of the local lubricants market would require extra allocation and other resources". The company said it will focus on its retail fuels marketing business and commercial business including LPG, industrial and wholesale fuels and aviation fuels.
[FULL STORY]
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Colorado Petroleum Announces Move to New Headquarters Facility in Denver Colorado
Colorado Petroleum announced that it has expanded its facilities to a new worldwide headquarters location in Denver. The new facility includes 185,000 square feet of warehouse space, 30,000 gallon blending tanks, four bottling lines, Quality Control laboratory, and tank farm that holds in excess of 1,000,000 gallons. The new buildings size has more than tripled from the company's previous buildings where they have resided since 1960.
[FULL STORY]
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PetroChoice Acquires US Lubes South
PetroChoice announced the acquisition of the assets of US Lubes' Southern Division. Having acquired the New Jersey Division of US Lubes in December 2012, PetroChoice further expands its geographic presence and will now have a location in Wakefield, VA.
[FULL STORY]
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