The FUCHS Group, which operates globally in the lubricants industry, has signed an agreement to acquire U.S.-based Nye Lubricants Inc. Located in Fairhaven, Massachusetts, Nye Lubricants is a leader in the innovation, formulation, and manufacturing of synthetic lubricants.
Pending the 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 headquarters.
“Nye’s mission is to partner with innovative companies and provide high-performance lubricants using our leading-edge 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 Lubricants.
“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 and CEO of Fuchs Lubricants Co., USA.
The parties expect that the transaction will close towards the end of 2019. Terms of the transaction were not disclosed.
Nye employs 180 people and generated USD51 million in sales in fiscal year 2018, throughout North America, Europe, and Asia.
In 2018 the FUCHS Group accounted for EUR2,567 million (USD2,864 million) sales with a global staff of 5,446. Fuchs Lubricants Co. (USA) generated sales of EUR284 million (USD316 million) with 420 employees.