At the start of 2005 FUCHS PETROLUB founded together with its Turkish partner OPET the 50:50 joint venture OPET-FUCHS. The sales company which focuses on industrial lubricants and related specialties generated sales revenues of EUR 17 million in the financial year 2011.
With effect from January 2, 2012 OPET-FUCHS has acquired the automotive lubricants business from OPET. The joint venture also took over all 176 employees of this division as well as the lubricant blending plant in Izmir. Based on the year 2011 the extended joint venture generated sales revenues of just under EUR 80 million. This acquisition means that all lubricant activities of the partners operating in Turkey are now incorporated within the joint venture. With its 214 employees OPET-FUCHS has assumed a leading position among lubricant manufacturers in the important growth market of Turkey.
OPET-FUCHS is set to begin construction work on a new lubricant blending plant near Izmir this year. Following the initial construction phase this facility will have a production volume of 50,000 tons and replace the previous facility.
OPET, a joint venture of the KOÇ Group and the Öztürk family, is the third largest mineral oil company in Turkey and operates more than 1,200 filling stations. With over 70,000 employees the KOÇ Group is a renowned partner. OPET was founded by the Öztürk family and successfully expanded before the merger with KOÇ took place.
FUCHS is the world's largest independent marketer of lubricants and related specialties. The FUCHS PETROLUB Group generated sales revenues of EUR 1.5 billion and profit after tax of EUR 172 million in the financial year 2010. FUCHS currently has 3,710 employees worldwide.
Mannheim, January 11, 2012
FUCHS PETROLUB AG
Public Relations
Friesenheimer Str. 17
68169 Mannheim
Germany
Tel.: ++49 (0) 621 3802-1124
E-Mail: tina.vogel@fuchs-oil.de
The press release can be accessed at the following web address:
www.fuchs-oil.com
Important note
This press release contains statements about future developments that are based on assumptions and estimates by the management of FUCHS PETROLUB AG. Even if the management is of the opinion that these assumptions and estimates are accurate, future actual developments and future actual results may differ significantly from these assumptions and estimates due to a variety of factors. These factors can include changes in the overall economic climate, changes to exchange rates and interest rates, and changes in the lubricants industry. FUCHS PETROLUB AG provides no guarantee that future developments and the results actually achieved in the future will agree with the assumptions and estimates set out in this press release and assumes no liability for such.