Chevron Oronite has made the final investment decision to move forward on its plan to build a wholly-owned additive manufacturing plant in Ningbo, in northeast Zhejiang Province, the People’s Republic of China. The company anticipates that groundbreaking will occur in the fourth quarter of 2018 with an estimated completion date in late 2020.
ExxonMobil Announces Its Intention to Further Expand Its Singapore Refining Complex
ExxonMobil said last Tuesday that it is progressing a multi-billion dollar project at its integrated manufacturing facility in Singapore to produce higher-value products and expand lubricant base stocks production. ExxonMobil plans to develop proprietary technologies will also allow it to introduce a new, unique high viscosity Group II base stock.
Phillips 66 Lubricants and Castrol North America advised they will raise finished lubricant prices, in both cases, by up to 9%, while independents Calumet and KL Summit also announced finished lubricant price increases; Calumet by up to 10%, while KL Summit's increases varied by product.
GE Divests Its Jenbacher and Waukesha Engines Business for $3.25 Billion
GE last Monday announced that it has signed an agreement to sell its Distributed Power business to Advent International for $3.25 billion. The transaction includes Distributed Power’s Jenbacher and Waukesha engines, as well as manufacturing sites in Austria, Canada and the U.S.
Private investment firm Bain Capital announced last week it has signed an agreement to acquire specialty chemical additive manufacturer Italmatch Chemicals S.p.A. from private investment house Ardian. Last December, Italmatch acquired Detrex Corporation, parent company of Cleveland, Ohio-headquartered lubricant additive manufacturer Elco.
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