PANORAMA WORLDWIDE
The Fuchs Group, which operates globally in the lubricants industry, has signed an agreement to acquire Nye Lubricants Inc. The Fairhaven, Massachusetts-based manufacturer is a leader in the innovation, formulation and manufacturing of synthetic lubricants. Pending final closing of this acquisition, the Fuchs Group further expands its specialty lubricants product portfolio, offering engineered solutions across multiple markets while creating opportunities to serve new high-end and critical applications. The business will continue to be operated out of its Fairhaven, Massachusetts, location.
“Nye's mission is to partner with innovative companies and provide high-performance lubricants using our leadingedge technology and engineering expertise. It combines its integrity, proven experience and deep technical knowledge to solve its customers' toughest engineering challenges focusing on the automotive, medical, aerospace and in-vacuum industries,” says George Mock, President of Nye.
“We are very excited to have Nye join the Fuchs Group. While Fuchs and Nye operate in the same industries, the Nye product offering allows us to capitalize on additional high value-added applications. This furthers Fuchs' objective to be able to offer a full lubricant solution into our target markets,” says Stefan Fuchs, Chairman of the Executive Board of Fuchs Petrolub SE.
“Nye brings specific engineering expertise and a design partnership approach to the customer relationship that is unique. We will use this approach and build upon it using our broad market penetration. The acquisition, and the Nye team, will significantly increase our R&D and engineering expertise while using Fuchs' supply chain and market presence to satisfy emerging customer needs,” adds Keith Brewer, President & CEO of Fuchs Lubricants Co., USA.
The parties expect that the transaction will close towards the end of 2019.
Nye employs 180 people and generated USD 51 million (approx. EUR 46 million) in sales in its fiscal year 2018, throughout North America, Europe and Asia.
In 2018 the FUCHS Group accounted for EUR 2,567 million sales with staff of 5,446. Fuchs Lubricants Co. (USA) generated sales of EUR 284 million with 420 employees.