Fuchs Petrolub adds automotive lubricants to Turkish JV's operations

Germany’s Fuchs Petrolub AG said its 50-50 Turkish joint venture Opet-Fuchs has acquired the automotive lubricants business of Turkish partner Opet. The joint venture also absorbed all the 176 employees of Opet’s automotive lubricants division, as well as the lubricant blending plant in Izmir, Fuchs added without revealing financial details of the deal. On the basis of financial figures registered for 2011, the joint company, including the new division, generated revenues of almost €80 million (US$102.1 million), up from €17 million (US$21.7 million) generated by the joint venture before the business expansion, Fuchs Petrolub said. The German company also said that together with its Turkish partner, it will start constructing a new lubricant blending plant near Izmir this year. The new plant will have an initial production capacity of 50,000 tons and will replace the old facility. (January 11, 2012)