Monday, August 5, 2013   VOLUME 9 ISSUE 30  
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Croda Acquires Majority Stake in Chinese Chemical Company

UK-based Croda International has received approval from the Chinese government to buy a 65% stake in Sichuan Sipo Chemical Co. Ltd, a specialty chemical manufacturer of environmentally friendly lubricants, based in Mianyang City, Sichuan Province, China. The transaction is valued at £38.2 million (US$58.7 million).

[FULL STORY]

Afton Chemical Continues Strong Performance

Afton Chemical continued its strong performance in the second quarter of this year with operating profit of $97.8 million, an improvement over second quarter operating profit last year of $96.9 million. Sales for this year’s second quarter were $581.3 million compared to sales for the same period last year of $584.2 million, with shipments up one percent.

[FULL STORY]

Major Oil Company 2Q Earnings Dive

The major integrated oil companies reported second quarter and first six months earnings last week, and they weren't good. Both ExxonMobil's and Shell's second quarter net income fell 57 percent, BP's second quarter income (underlying replacement cost profit) fell 25 percent, Chevron's profit fell 25 percent and Phillips 66's earnings fell 20 percent.

[FULL STORY]

Fuchs FUCHS PETROLUB H1 Profit Rises

Mannheim, Germany-based Fuchs FUCHS PETROLUB AG last Friday reported an increase in its fiscal 2013 first half profit, even as sales were essentially the same when compared to the similar period last year. For the first half of 2013, the company's profit after tax increased 5.7 percent to EUR 107.6 million from EUR 101.8 million in the prior year period.

[FULL STORY]

World Demand for Lubricants to Reach 43.9 Million Metric Tons in 2017

World demand for lubricants is expected to increase 2.3 percent per year to 43.9 million metric tons in 2017. The fastest growth will be in Asia with above average increases also to occur in South America, the Middle East, and Africa. In contrast, demand will remain nearly flat in the developed countries of North America and Western Europe.


[FULL STORY]

QualiChem Completes Expansion

Metalworking fluids manufacturer QualiChem has completed a major expansion of its headquarters, laboratory and manufacturing facilities in Salem, VA, increasing its facilities’ total square footage by 70 percent. The company’s Metalworking Fluids Division offers cutting and grinding fluids, straight oils, rust preventives, and metal cleaners.

[FULL STORY]

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