Afton Chemical Corporation will expand its global supply network with
the addition of a new chemical additive manufacturing facility on Jurong
Island, Singapore. Designed and located to support the growth of the
Asia-Pacific and Middle East markets, the plant will start to produce
components in January 2016 to support the next generation of additive
solutions.
Construction will begin after a June 25th groundbreaking
ceremony on Jurong Island. The site was selected after an extensive
analysis focused on local infrastructure, market access, economics,
safety, and logistics.
“Afton Chemical has been a key player in the lubricant and fuel additive
industry for more than 90 years,” said Rob Shama, Afton President. “We
have a strong commitment to Asia’s fast-growing economy, and this plant
means we can improve service levels to all of our customers in the
region and security of supply to all customers worldwide.” Shama added
that existing plant operations in other regions will remain fully
operational to supply the growing demand for Afton’s unique solutions.
“In recent years, we’ve intensified our focus on this important region,
and our strategy to meet its needs,” said Damian Barnes, Vice President
Supply. “Since 2008, we’ve opened two new sales offices, four local
warehouses, and expanded our R&D facilities. And we’ll continue to
explore opportunities to better serve the region,” he said.
Foster Wheeler Singapore will manage the engineering and construction.
To support Afton’s Engine Oil business, the first operational unit will
produce detergents for commercial use in 2016. Construction and startup
of additional units to produce dispersants and anti-wear components will
follow with full operation expected within the next five years. When
completed, the plant will operate around the clock. There is also the
opportunity to expand the plant further based on future market
conditions.
“In addition to improved supply flexibility, this plant provides
opportunities for ‘first intent products’ – products made in
Asia-Pacific for Asia-Pacific,” Shama said. “That’s a positive
investment for Afton and shows our intention to expand our ‘Passion for
Solutions’ in this important region.”
Afton Chemical Corporation - part of the NewMarket Corp. (NYSE: NEU)
family of companies, develops and manufactures petroleum additives that
help fuels burn cleaner and more efficiently, engines run smoother, and
machines last longer. We offer performance fuels and refinery chemicals,
such as gasoline performance additives, diesel fuel additives, lubricity
improvers, and cold flow improvers; driveline products, such as
automotive gear oil and automatic transmission fluid; engine oil
additives, such as passenger car engine, heavy duty diesel engine, and
railroad and marine diesel engine oils; industrial products, such as
antiwear and R&O hydraulic oils, industrial specialty chemicals,
industrial gear oils, and grease. The company supports global operations
through regional headquarters located in Asia Pacific, EMEAI, Latin
America and North America. Afton Chemical Corporation is headquartered
in Richmond, Virginia. For more information, visit AftonChemical.com.
Cautionary Note Regarding Forward-Looking Statements:
Some of the information contained in this press release constitutes
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Although Afton Chemical’s management
believes its expectations are based on reasonable assumptions within the
bounds of its knowledge of its business and operations, there can be no
assurance that actual results will not differ materially from
expectations.
Factors that could cause actual results to differ materially from
expectations include, but are not limited to: availability of raw
materials and transportation systems; supply disruptions at single
sourced facilities; ability to respond effectively to technological
changes in our industry; failure to protect our intellectual property
rights; hazards common to chemical businesses; occurrence or threat of
extraordinary events, including natural disasters and terrorist attacks;
competition from other manufacturers; sudden or sharp raw materials
price increases; gain or loss of significant customers; risks related to
operating outside of the United States; the impact of fluctuations in
foreign exchange rates; political, economic, and regulatory factors
concerning our products; future governmental regulation; resolution of
environmental liabilities or legal proceedings; inability to complete
future acquisitions or successfully integrate recent or future
acquisitions into our business and other factors detailed from time to
time in the reports that NewMarket files with the Securities and
Exchange Commission, including the risk factors in Item 1A, “Risk
Factors” of our 2011 Annual Report on Form 10-K, which is available to
shareholders upon request.
You should keep in mind that any forward-looking statement made by Afton
Chemical in the foregoing discussion speaks only as of the date on which
such forward-looking statement is made. New risks and uncertainties come
up from time to time, and it is impossible for us to predict these
events or how they may affect the company. We have no duty to, and do
not intend to, update or revise the forward-looking statements in this
discussion after the date hereof, except as may be required by law. In
light of these risks and uncertainties, you should keep in mind that the
events described in any forward-looking statement made in this
discussion, or elsewhere, might not occur.
Copyright Business Wire 2014