FUCHS acquires high-performance silicone lubricant manufacturer in the US
The FUCHS Group, which operates globally in the lubricants industry, has acquired PolySi Technologies Incorporated. The Sanford, North Carolina, manufacturer is an innovative leader in the formulation and manufacturing of silicone lubricants. The FUCHS Group further expands its specialty lubricants product portfolio, offering engineered solutions across multiple markets while creating opportunities to serve many critical applications.
"For 25 years, PolySi's mission has been to work closely with our customers to develop leading edge products to solve any lubrication challenge. Our consultative approach to grease formulation has offered value to our customers in many industries, including automotive, electrical, plumbing and medical. Integrating with FUCHS will serve to further the reach of our products to the market through the FUCHS sales and distribution networks," says Chuck Leuth, President of PolySi.
"PolySi expands our product and packaging offering into markets where silicone technology is utilized. PolySi's core capabilities of technologically advanced products and consultative sales approach further enhances our value proposition to our customers in offering a full lubrication solution," adds Keith Brewer, President & CEO of FUCHS LUBRICANTS CO., USA.
PolySi employs 21 people and generated USD 9 million (approx. EUR 7.6 million) in sales in its fiscal year 2019, mainly in North America.
In 2019, the FUCHS Group accounted for EUR 2.572 billion sales with staff of 5,627. FUCHS LUBRICANTS CO. (USA) generated sales of EUR 294 million with 478 employees.
Mannheim, November 2, 2020
FUCHS PETROLUB SE
Friesenheimer Str. 17
Tel. +49 621 3802-1207
The following information is available online:
Image and video material: http://www.eatonpetro.com/gb-en/photo-gallery/
The FUCHS Group develops, produces and markets high-grade lubricants and related specialties for virtually all industries and areas of application. Formed in Mannheim in 1931, the Group employs almost 6,000 people worldwide at 62 operating companies. FUCHS is the world's largest independent lubricant manufacturer. Its most important markets in terms of sales revenues are Western Europe, Asia and North America.
This press release contains statements about future developments that are based on assumptions and estimates by the management of FUCHS PETROLUB SE. Even if the management is of the opinion that these assumptions and estimates are accurate, actual future developments and results can differ significantly from these assumptions and estimates due to a variety of factors. These factors can, for example, include changes in the overall economic climate, changes in procurement prices, changes in exchange rates and interest rates, and changes within the lubricants industry. FUCHS PETROLUB SE provides no guarantee that future developments and the results actually achieved in the future will match the assumptions and estimates set out in this press release and assumes no liability for such.
02.11.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de