US headquartered Afton’s metalworking activities are rooted in its acquisition in 2010 of Polartech. At that time, the Polartech business included headquarters, R&D and manufacturing facilities in the UK, as well as manufacturing sites in India, China and the US. Polartech had annual revenues of approximately $45 million at that time.
This latest transfer of the metalworking fluid (MWF) activity sees the acquisition of the entire business and assets relating to metalworking fluid carried out in Bedford Park (Illinois, USA) and Manchester (UK) sites, the know-how, technology and business in India and China, with production carried out from Hyderabad plant and in China.
This transaction further strengthens Italmatch Chemicals Group’s position in the industrial lubricants and MWF business, integrating the current production range with a series of fluid additives for high-performance metal processing thanks to the application of advanced technologies.
Sergio Iorio, CEO of Italmatch Chemicals Group, stated: “This acquisition represents for Italmatch Chemicals a significant step forward in the strategy of expanding its market position in the industrial lubricants market. The agreement strategically follows the recent acquisition of Elco Corporation in the USA, still in industrial lubricants business, allowing an important development of our current production range, through the introduction of new and advanced technologies mainly dedicated to water MWF and permitting to count on new sites in the USA, in Europe and India. In the recent years, we have heavily invested in this field and we are proud to be considered today a leading international player.”
Italmatch Chemicals, founded in 1997, is a leading innovative chemical group, specialising in performance additives for water treatment, oil and gas, lubricants and plastics.
The group generates €420 million in revenues and operates through six manufacturing plants in Europe (Italy, Spain, Germany and UK), four in Asia Pacific (China and Japan), four in North America (USA) and sales/distribution subsidiaries in Brazil, Belgium, China, Japan, India, Poland, Singapore and the USA. It employs over 750 workers.
Ardian, the largest European independent private investment company, acquired the majority of Italmatch Chemicals, together with the management, in July 2014 and is committed to supporting the company’s growth, the press release states.
