Hagen, Germany-based Carl Bechem GmbH has announced that it has completed the acquisition of its joint venture partners 50 percent interest in Etna-Bechem Lubricants LLC. As a result of this transaction, Carl Bechem has formed a new company Bechem Lubrication Technology LLC in Chagrin Falls, Ohio.
Etna Products Inc., the joint venture partner, will continue to operate as an independent, privately held company.
The company also announced that John Steigerwald has been appointed president of Bechem Lubrication Technology. Steigerwald served as president of Etna-Bechem Lubricants Ltd. since the beginning of the joint venture in 1999.
