(RTTNews.com) – Chemical distributor Brenntag AG Thursday announced an expansion of its lubricants business in North America by signing agreements to acquire two leading distributors: J.A.M. Distributing Company, LLC, and related entities, headquartered in Houston, Texas, as well as G.H. Berlin-Windward, headquartered in Manchester, New Hampshire. The investment for both acquisitions totals $440 million.
Both companies offer integrated product and service solutions focused on lubricants servicing to industrial, commercial, automotive, and marine end markets in the Gulf Coast, Texas and the northeast United States, respectively.
Brenntag said both acquisitions are an investment in rebalancing its industry mix in North America and complement the existing business in the less volatile lubricants market. This also represents a review and shift to counteract the structural change in oil & gas earnings in North America.
The combined companies are expected to contribute sales of approximately $780 million in financial year 2016.
Gross profit for 2016 is expected to amount to $127 million with an expected EBITDA of about $50 million. The closing of the transactions will occur in the course of the next weeks.
Effective from 1 January 2022, Armand Ajdari will be joining Arkema as the Group’s Chief Technology Officer. He will report to Thierry Le Hénaff, Chairman and CEO, and will be a member of the Group management committee.
Ineos Styrolution confirmed its decision to invest into a pilot plant for advanced recycling of polystyrene. The site will be set up in collaboration with Recycling Technologies in Swindon, U.K. It is expected to be operational in the second half of 2022.
The Air Liquide’s Board reviewed the Group’s leadership succession plan and approved the principle of a new form of governance. In this context, when the Board meets at the close of the 2022 Shareholders General Meeting, it will be asked to renew Benoît Potier’s term of office as Chairman of the Board of Directors and to appoint François Jackow to succeed him as Chief Executive Officer with effect from June 1, 2022.