Fuchs strengthens specialty business by acquiring the lubricants business of Gleitmo Technik

The Fuchs Group, which operates globally in the lubricants industry, signed an agreement to acquire the lubricants business of Gleitmo Technik AB in Kungsbacka, Sweden, as of July 1, 2021, and will integrate it into its subsidiary Fuchs Lubricants Sweden AB.

Fuchs acquires 100 percent of the shares in Gleitmo Technik AB through a Share Purchase Agreement which includes the customer base, the product portfolio, the workforce and a lease agreement of the Gleitmo office and warehouse in Kungsbacka in particular.

The bundling of sales channels makes Fuchs Lubricants Sweden AB a central and authoritative partner for all lubricants and related specialties in Sweden and the Nordic Region.

As a longstanding trading partner of Fuchs, Gleitmo Technik AB generated sales revenues of around EUR 6 million in the financial year 2020. The company currently employs ten people.

Catalytic cracking, hydrogen and oil production units were commissioned. The ceremony at the Taneco oil refining complex in Nizhnekamsk was held with participation of Rustam Minnikhanov, President of Tatarstan, and Nail Maganov, General Director of Tatneft.

Tatneft provided orders for factories in almost twenty cities of Russia during the construction of new units. 95 percent of the equipment used was of domestic production. The total investment in three new production facilities exceeded RUB 31 billion.

In aggregate, there were 21 units commissioned at Taneco since 2010 with the design capacity of the oil refining complex amounting to more than 15 million tons per year.

They have started industrial production of lubricants at Taneco: motor, transmission, hydraulic and other oils bearing the Taneco and Tatneft brands. At present, the production capacity of the enterprise is 22 thousand tons of lubricants, which can be increased to 60 thousand tons per year.

Taneco products correspond or surpass the best Russian and world analogues in terms of their consumer properties, which has been confirmed by the world's leading car manufacturers. The low pour point of the Taneco and Tatneft motor oils provides for the easy engine start at subzero temperatures. The scale formation is reduced at the expense of the thermal- oxidative stability, while the low volatility reduces the frequency of oil refills. The service life of oils under severe conditions is 1.5 - 2 times longer than that of mineral oils.

Rustam Minnikhanov, President of the Republic of Tatarstan, Chairman of the Board of Directors of PJSC Tatneft, said: “Taneco is a state- of- the- art world- class refinery that will ultimately process 15- 16 million tons of oil per year with a refinery yield of 98 percent. This is a huge scope of work, which was first and foremost performed by Nail Ulfatovich Maganov, as the Company's General Director, and by the entire team of designers, scientists, technologists, and builders. Thank you very much for the great results!"

Nail Maganov, General Director of PJSC Tatneft, commented: “Our complex is a synergy of the cooperative work of the entire Russian industry. We are proud that we use the equipment from domestic manufacturers and continue to build up unique competencies for the country. We have once again proved that together we can and are ready to build hightech turnkey production facilities anywhere in the world. All this is done with the assistance of the federal center and the Republic of Tatarstan.”