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Afton Chemical Purchases GE's North American Fuel Additives Business

Posted on: Tuesday, 30 September 2008, 09:00 CDT

Afton Chemical Corporation is pleased to announce the acquisition of the North American Fuel Additives Business from GE Water & Process Technologies effective immediately. Afton Chemical is a leading supplier of Gasoline and Diesel Performance Additives to the fuel market place. The purchase will add new products and service capabilities that will incrementally contribute to Afton Chemical's already strong fuel additive business.

"This acquisition will help us grow our position with terminals, pipelines, petroleum marketers, and Co-ops," said Alex McLean, Afton Chemical's Senior VP of Specialty Fuels. "We are very excited about this acquisition as it will broaden our product offerings to the diesel fuel market, significantly improve our ability to serve our customers and greatly expand our coverage of the fuel market between the refinery gate and the retail service station," said McLean.

To help foster a smooth transition and continuity for existing customers, the GE sales force currently servicing this product line will become Afton employees as part of the acquisition agreement. "This deal provides a great opportunity for the GE team that is associated with this business," said David Swart, Sales Manager. "Becoming part of Afton Chemical will improve our ability to help our customers make money selling fuels because we have a broader product offering and the support of a world class R&D organization dedicated to fuel and lubricant research."

Afton Chemical Corporation is a wholly-owned subsidiary of NewMarket Corporation (NYSE:NEU). Afton Chemical develops and manufactures petroleum additives that boost the performance of fuels and lubricating oils to achieve increased efficiency, power and durability in machinery, vehicles, and other equipment. From custom-formulated chemical blends to market-general additive components, Afton Chemical technology helps fuels burn cleaner and more efficiently, engines run smoother, and machines last longer.

Source: Business Wire

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