NEWS IN BRIEF
CEPSA acquires 100% share capital
of Chevron España • The agreement includes the acquisition of Chevron’s fuels, automotive & industrial lubricants and aviation activities in Spain
• With this transaction CEPSA will acquire 62 service stations in the Canary Islands, thus becoming a new player in the retail marketing activity on the entire archipelago
Compañía Española de Petróleos, S.A. (CEPSA) recently announced that it has reached an agreement whereby it will acquire 100% of the share capital of Chevron España. S.A. The completion of the transaction is subject to receiving the required regulatory approvals and clearance.
The acquisition comprises 62 service stations operating under the Texaco brand on the Canary Islands; a storage plant in the Port of Las Palmas, Gran Canaria; Chevron España’s aviation fuels marketing activity and its automotive and industrial lubricants business in Spain, including a lube blending and bottling plant in the Valencia area.
Chevron España’s workforce amounts to 135 employees.
LINK
www.cepsa.com
Sea-Land Chemical Company Expands with European Subsidiary
Recently Sea-Land Chemical Company, through one of its subsidiaries, has formed Sea-Land Chemical Europe. Based in the United Kingdom, the company will supply specialty chemicals to the European lubricants; household, industrial and institutional cleaning; and coatings markets.
“The timing is right for this expansion,” said Sea-Land Chemical Company president Joseph Clayton. “It will enable us to better serve our business partners while meeting a global need for distribution.”
Sea-Land Chemical Europe has entered into an agreement with Robert Stubbs formerly of the Polartech Group of Companies. Mr. Stubbs will promote products currently available to the market, conduct market studies for
30 LUBE MAGAZINE No .103 JUNE 2011
prospective suppliers and offer sourcing opportunities from Europe and Asia.
”Chemical distribution has polarised in Europe into large supply chain orientated groups and much smaller distributors, many of whom lack true sector expertise” said Mr. Stubbs. “Sea-Land is one of a decreasing number of specialised distributors which combines the scale and logistical expertise with real levels of technical expertise. These are attributes readily translatable to Europe.”
LINK
www.sealandchem.co.uk
Berkshire Hathaway to Acquire Lubrizol
Berkshire Hathaway Inc. and The Lubrizol Corporation recently announced a definitive agreement for Berkshire Hathaway to acquire 100% of outstanding Lubrizol shares for $135 per share in an all-cash transaction. The transaction, which was unanimously approved by the board of directors of each company, is valued at approximately $9.7 billion, including approximately $0.7 billion in net debt, making it one of the largest acquisitions in Berkshire Hathaway history.
“Lubrizol is exactly the sort of company with which we love to partner – the global leader in several market applications run by a talented CEO, James Hambrick,” said Warren Buffett, Berkshire Hathaway chief executive officer. “Our only instruction to James – just keep doing for us what you have done so successfully for your shareholders.”
James Hambrick, Lubrizol chairman, president and chief executive officer, said, “This transaction provides compelling value to our shareholders and is a clear endorsement of the growth and diversifi- cation success Lubrizol has achieved. We are very excited to have the opportunity to become part of the Berkshire Hathaway family. We believe its philosophy of supporting long-term global investments in technology, assets and employees will enhance execution of our growth strategies. Such a long-term commitment is more important than ever in today's global economy to deliver true market-leading products and services for our customers.”
The transaction is subject to the approval of Lubrizol’s shareholders and the satisfaction of customary closing conditions, including the expiration of
waiting periods and the receipt of approvals under the Hart-Scott-Rodino Antitrust Improvements Act and applicable non-U.S. merger control regulations. Berkshire Hathaway and Lubrizol expect the transaction to be completed during the third quarter of 2011.
After the close of the transaction, Lubrizol will operate as a subsidiary of Berkshire Hathaway and will continue to provide innovative technology, outstanding service and superior global supply chain support to its customers. Lubrizol will remain located at its Wickliffe, Ohio, headquarters and will continue to be led by its current management team.
LINKS
www.lubrizol.com
www.berkshirehathaway.com
FPS EXPO 2011 – Bumper New Products – Bumper Visitor Numbers
Over 17% more visitors came through the doors of the two day oil distribution industry event of the year, FPS EXPO 2011 at the Harrogate International Centre on 13 and 14 April beating the record numbers recorded in 2009.
Those visitors were also greeted with a bumper crop of new industry products and services being launched at the show. Covering over 8000sqm of the venue with over 115 exhibitors including 26 new suppliers.
Vanessa Cook, FPS EXPO 2011 Event Manager commented: “Visitors numbers were up on our 2010 and 2009 exhibition which shows confidence in the industry and in FPS EXPO 2011. It was also great to see so many new products and services on show for the first time. We are back in Harrogate in 2012 and we hope to make that an even better show, already we have sold over 50% of the exhibition space.”
Companies looking to exhibit at FPS EXPO 2012 which is being held at Harrogate International Centre on 18 and 19 April 2012 should contact the FPS EXPO team on Tel: +44 (0) 1565 631313 or Fax: +44 (0) 1565 631314 or e-mail:
vc@fpsonline.co.uk
LINK
www.fpsonline.co.uk
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