NewMarket reports robust business for petroleum additives in 2011

NewMarket Corp., the parent company of Afton Chemical, reported another strong performance by its petroleum additives operations in 2011, with operating profit of US$348.3 million including the benefit of a net gain of US$38.7 million from a legal settlement by Innospec. Excluding the benefit of the legal settlement, petroleum additives’ operating profit for the year increased to US$309.6 million, up 4% over 2010 operating profits of US$299.1 million. The results reflect improved earnings in both the lubricant additives and fuel additives product lines, the company said. Sales of petroleum additives for the year increased to US$2.1 billion, up 20% over sales last year of US$1.8 billion, including the benefit of a 6% increase in shipments. “This strong performance of petroleum additives in 2011 includes operating profit improvement in each major geographic region in which we operate,” said Thomas Gottwald, president and CEO of NewMarket. “This success is driven by our strong commitment to research and development enabling us to supply our customers with the differentiating top quality products, marketing solutions and technical support that enhance their position in the marketplace.” (February 1, 2012)