Sweden’s Höganäs AB said it will acquire the remaining shares of U.K. lubricants manufacturer Abril Industrial Waxes Ltd, effective 1 June 2015. The financial terms of the deal were not disclosed.
Höganäs acquired 19% of Abril in 2010 and is now using its option to acquire the remaining shares in the company.
“This is a strategic acquisition as it allows Höganäs to enhance its expertise in lubricants and further develop its offering of sophisticated metal powder mixes,” said Melker Jernberg, Höganäs’ president and CEO.
Abril’s business – waxes and lubricants for industrial purposes and consumer goods – will be further developed. Production, where about 20 workers are employed, will remain in Pyle, Wales. Höganäs said it plans to make further investments in the plant.
“With Höganäs’ long-standing industrial experience, Abril’s products and ability to develop new materials and formula will be in safe hands,” said Bernard Cooke, Abril owner and CEO.
Abril, which was founded in 1945 by Leo Ivanovsky, a chemist and innovator, was a pioneer in synthetic waxes.