| UPDATE | 27.05.03 |
| BUSINESS ACQUISITIONS |
FORDS, N.J. -May 27, 2003- Estech GmbH & Co, KG and Hatco Corporation announced today that they have acquired ExxonMobil Oil Corporation's synthetic polyol ester (POE) based refrigeration lubricants business. These products have been manufactured and sold by ExxonMobil Chemical under the trademark EAL ARCTIC, and will continue to be marketed by some ExxonMobil affiliates. The acquisition, effective June 1, 2003, will strengthen both Estech's and Hatco's positions, particularly in the U.S. and European markets, for high-performance lubricants. The parties agreed not to disclose financial details of the transaction. Alex Kaufman, Chairman and CEO of Hatco Corporation, commented on the acquisition, "This purchase is an important next step in our strategic plan for global expansion and continued growth of our high performance, specialty lubricants business. These refrigeration lubricants strongly complement the broad offering of ester base stocks from Hatco, and will allow Hatco to better service its customers" says Kaufman. Estech is a joint venture between Celanese AG, Kronberg, Germany, and Hatco Corporation, Fords, New Jersey, USA that was established in 2002 for the production and marketing of neopolyol esters. The company is currently constructing a new POE plant in Oberhausen, Germany with an annual output capacity of 7,000 metric tons. Neopolyol esters are used as base stocks for synthetic lubricants in refrigeration, automotive, aviation and industrial applications, as well as in hydraulic fluids. The main raw materials for producing POEs - carboxylic acids and polyols - are produced by Celanese Chemicals and supplied to the joint venture. Hatco is a leading global producer of synthetic POE-based lubricants. |
| COMPANY |
- Estech GmbH & Co KG - Hatco Corp. |
|
Want more information ? Interested in the hidden information ? Click here and do your request. |