Fuchs Group acquires lubricant distributor business in Vietnam
Germany’s Fuchs Group, which operates globally in the lubricants industry, has acquired 70% of the lubricant business of the specialty distributor STD & S Co., Ltd. based in Vietnam.
The business will be integrated into the subsidiary Fuchs Lubricants Vietnam Company Ltd., which will become a joint venture company between Fuchs Group and STD & S Co., Ltd. STD & S Co., Ltd. will own a minority stake of 30% in the joint venture.
The new joint venture enables Fuchs to offer its customers automotive, industrial, mining and specialty lubricants from a single source. In addition, Fuchs strengthens its presence in the Cambodian market, which is currently served by STD & S Co., Ltd.
“Vietnam is an emerging market with great growth potential. This joint venture emphasizes our ambition to establish ourselves in Vietnam in the long term and to expand our business there,” said Dr. Timo Reister, member of the Executive Board at Fuchs and responsible for the Asia-Pacific region.
Fuchs has been successfully working with STD & S Co., Ltd. for more than a decade. The new joint venture employs 13 people and generated sales of around EUR4.5 million (USD5.4 million) in the 2020 financial year.