Genoa, Italy-headquartered Italmatch Chemicals, a global specialty chemical group leader in the production and marketing of industrial lubricants, performance additives for water & process treatment, oil & gas and plastics, entered into an agreement with Afton Chemical for the acquisition of Afton's metalworking fluid business (former Polartech). Afton Chemical acquired UK-based Polartech in March 2010.

In particular, the deal includes: the acquisition of the entire business and assets relating to metalworking fluid carried out in Bedford Park (Illinois, USA) and Manchester (UK, Europe) sites, the know-how, technology and business in India and China, with production carried out from Hyderabad plant and in China.

The company said this transaction further strengthens Italmatch Chemicals Group's position in the industrial lubricants and MWF business, integrating the current production range with a series of fluid additives for high-performance metal processing thanks to the application of advanced technologies.

Sergio Iorio, CEO of Italmatch Chemicals Group, stated: "This acquisition represents for Italmatch Chemicals a significant step forward in the strategy of expanding its market position in the industrial lubricants market – The agreement strategically follows the recent acquisition of Elco Corporation in the USA, still in industrial lubricants business, allowing an important development of our current production range, through the introduction of new and advanced technologies mainly dedicated to water MWF and permitting to count on new sites in the USA, in Europe and India. In the recent years we have heavily invested in this field and we are proud to be considered today a leading international player."

Maurizio Turci, CFO, Corporate Affairs and HR Director of Italmatch Chemicals Group said: "The transaction falls into Italmatch Chemicals Group's growth strategy and follows the recent acquisitions in Latin America, in the USA and in Asia-Pacific and proves the Group's aim to keep growing also through external lines and global coverages. From an industrial point of view, this acquisition presents strong components of innovation, research and technology and with the launch of significant entrepreneurial and commercial synergies, it can have a positive impact on medium/ long-term sustainability for the results of the industrial lubricants Business Unit. "

The transaction is expected to close by the end of May 2018.