Tide Water Oil plans to set up production facility in Germany

The Andrew Yule-controlled lubricant maker Tide Water Oil Co. plans to set up a production facility in Germany; this move would be the company’s first step towards taking its Veedol brand of lubricants to the European market. Veedol has a historic brand loyalty in Germany. The German production unit will to be set up by the beginning of next year.
Tide Water Oil in 2011-2012 acquired Veedol International Ltd. from British Petroleum, which has marketing rights in more than 120 countries. Tide Water has also expanded its sales operations in West Asia through its Dubai-based Veedol International DMCC brand.
Sources said that the company has started exporting Veedol lubricants to Nepal and Bangladesh although Tide Water posted an 8% decline in standalone net profit to Rs16 crore (US$2.9 million) for the quarter ended June 30. (August 17, 2012)