SINGAPORE-Wednesday 26 August 2020 [ AETOS Wire ]
(BUSINESS WIRE) --
Afton Chemical Corporation, a global leader in the lubricant and fuel
additive market, has received approval from the Afton Chemical board to
invest in Gasoline Performance Additives (GPA) blending capabilities at
its Singapore Chemical Additive Manufacturing Facility.
The
investment is part of Afton’s “Made In” strategy that focuses on
globally lean supply chain solutions that enable quicker support and
more effective supply to its customers in Asia. It will also provide the
additional infrastructure required to support the company’s long-term
global growth plans.
The
demand for GPA in Asia Pacific is expected to grow at a compound annual
growth rate of 4% through 2024. “The additional GPA blending capacity
in Singapore will help satisfy the increase in demand driven by the
expected growth in China and other parts of Asia,” said Mr. Sean
Spencer, Vice President and Managing Director of Afton Chemical Asia.
Afton
has invested approximately S$400 million in the Singapore Chemical
Additive Manufacturing Facility. The decision to continue Phase 3
investment is due to the integrated petrochemical hub in Singapore and
trade connectivity to all parts of Asia and the Middle East. The
Singapore government and Economic Development Board has been providing
strong support to Afton from the start of its “Made In” investment in
the region.
The new unit will help Afton and, in turn, our customers, by:
-
Developing cost-effective and
customized solutions for the region that will allow our customers a
competitive edge in their markets
-
Strengthening our ability to serve our customers worldwide and support their future growth
-
Connecting our capacities globally to
support regional and global business continuity, providing security of
supply and shorter lead-times
The
new blending unit will be operational by the fourth quarter of 2021 and
designed to comply with Quality, Environmental and Occupational Health
and Safety Assessment and all applicable regulations. This investment
complements the blending and terminal operations in the Americas and
Europe.
Afton
is a global market leader in performance additive technology for fuels.
Afton’s GPA solutions help fuels burn cleaner and more efficiently,
enabling engines to perform as designed during their equipment lifetime
on fuel economy, power and acceleration.
In
Asia Pacific, Afton has established two fuel and lubricant additive
Technology Centers in Suzhou, China and Tsukuba, Japan that provide
Afton’s customers with enhanced technical services, including sample
blending, physical and chemical analysis, and performance testing.
The
continued investment in the manufacturing facilities and technology
centers in the region underscores Afton’s commitment to providing
increased customer support to the fast-growing GPA business in Asia
Pacific.
About Afton Chemical Corporation:
Afton
Chemical Corporation is part of the NewMarket Corporation (NYSE: NEU)
family of companies. Afton Chemical Corporation uses its formulation,
engineering and marketing expertise to help their customers develop and
market fuels and lubricants that reduce emissions, improve fuel economy,
extend equipment life, improve operator satisfaction and lower the
total cost of vehicle and equipment operation. Afton Chemical
Corporation develops and sells an extensive line of unique additives for
gasoline and distillate fuels, driveline fluids, engine oils and
industrial lubricants. Afton Chemical Corporation supports global
operations through regional headquarters located in Asia Pacific, EMEAI,
Latin America and North America. Afton Chemical Corporation is
headquartered in Richmond, Virginia. For more information, visit www.aftonchemical.com.
Cautionary Note Regarding Forward-Looking Statements:
Some
of the information contained in this press release constitutes
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Although NewMarket’s management believes
its expectations are based on reasonable assumptions within the bounds
of its knowledge of its business and operations, there can be no
assurance that actual results will not differ materially from
expectations.
Factors
that could cause actual results to differ materially from expectations
include, but are not limited to, the availability of raw materials and
distribution systems; disruptions at production facilities, including
single-sourced facilities; hazards common to chemical businesses; the
ability to respond effectively to technological changes in our industry;
failure to protect our intellectual property rights; sudden or sharp
raw material price increases; competition from other manufacturers;
current and future governmental regulations; the gain or loss of
significant customers; failure to attract and retain a highly-qualified
workforce; an information technology system failure or security breach;
the occurrence or threat of extraordinary events, including natural
disasters, terrorist attacks, and health-related epidemics such as the
COVID-19 pandemic; risks related to operating outside of the United
States; political, economic, and regulatory factors concerning our
products; the impact of substantial indebtedness on our operational and
financial flexibility; the impact of fluctuations in foreign exchange
rates; resolution of environmental liabilities or legal proceedings;
limitation of our insurance coverage; our inability to realize expected
benefits from investment in our infrastructure or from recent or future
acquisitions, or our inability to successfully integrate recent or
future acquisitions into our business; and the underperformance of our
pension assets resulting in additional cash contributions to our pension
plans; and other factors detailed from time to time in the reports that
NewMarket files with the Securities and Exchange Commission, including
the risk factors in Item 1A. “Risk Factors” of our 2019 Annual Report on
Form 10-K, which is available to shareholders upon request.
You
should keep in mind that any forward-looking statement made by
NewMarket in the foregoing discussion speaks only as of the date on
which such forward-looking statement is made. New risks and
uncertainties arise from time to time, and it is impossible for us to
predict these events or how they may affect the Company. We have no duty
to, and do not intend to, update or revise the forward-looking
statements in this discussion after the date hereof, except as may be
required by law. In light of these risks and uncertainties, you should
keep in mind that the events described in any forward-looking statement
made in this discussion, or elsewhere, might not occur.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200825005959/en/
Contacts
AP: Chong Kit Lee on +65 6739 6330 or KitLee.Chong@AftonChemical.com
EMEAI: Kate Edrupt on +44 1344 356823 or Kate.Edrupt@AftonChemical.com
NA: Lauren Packard on +1 804 788 6081 or Lauren.Packard@AftonChemical.com
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