CSW Industrials, Inc. (NASDAQ: CSWI) and Pennzoil-Quaker State
Company dba SOPUS products (“Shell”), a wholly owned subsidiary of
Shell Oil Company that comprises Shell’s United States (“U.S.”)
lubricants business, announced today the successful formation of
Shell & Whitmore Reliability Solutions, LLC, a 50:50 joint
venture (“JV”) between Whitmore Manufacturing, LLC (“Whitmore”), a
wholly owned subsidiary of CSWI, and Shell.
Shell & Whitmore Reliability Solutions
combines the strengths of Whitmore and Shell to offer multi-sector
expertise; advanced equipment and services; and an integrated
product portfolio of proprietary lubricants, greases, coolants, and
reliability products that meets the unique needs of companies
engaged in North America Class I, II, and III rail (excluding
municipal transit systems) and U.S. mining (excluding
quarries).
Joseph B. Armes, CSWI’s Chairman, Chief
Executive Officer, and President, commented, “We are pleased to
announce the successful formation of Shell & Whitmore
Reliability Solutions. This joint venture offers a comprehensive
portfolio of products and solutions that incorporates the best
technologies from Whitmore and Shell. Both our highly experienced
team and advanced manufacturing facility are prepared to take on
this new venture as we look forward to successful expansion and
growth."
“This new sector-focused JV is aligned with our
goal of delivering value propositions that meet our customers’
unique needs, and we are excited about its growth potential,” said
Machteld de Haan, President of Shell Lubricants Americas. “Through
Shell & Whitmore Reliability Solutions, rail and mining
customers will have the unique opportunity to leverage our combined
sector expertise to help lower their total cost of ownership and
improve the efficiency of their operations.”
Shell & Whitmore Reliability Solutions will
commence operations immediately. The JV is headquartered in
Rockwall, Texas, and its production assets are co-located at
Whitmore’s Rockwall facility. The JV is staffed by Whitmore and
Shell sales and technical professionals with extensive experience
in the rail and mining sectors, and Heather Rogers, a 20-year
industry veteran and Shell employee, will serve as the JV’s General
Manager.
As part of the JV relationship, Whitmore’s
Rockwall production facility will also become a key producer of
Shell greases sold to non-JV sectors in North America. The
additional production volumes contributed by the JV and Shell are
expected to increase utilization of Whitmore’s manufacturing
capacity. The companies’ expanded commercial relationship will also
broaden the reach of Whitmore’s reliability products through
Shell’s distribution channels in the Americas.
JV staff will work with Whitmore and Shell sales
personnel in the coming days to engage their existing North America
rail and U.S. mining customers and communicate plans for
transitioning business to the JV.
About Shell & Whitmore Reliability
Solutions
Shell & Whitmore Reliability Solutions, LLC,
is a 50:50 joint venture (“JV”) between Whitmore Manufacturing, LLC
(“Whitmore”), a wholly owned subsidiary of CSWI, and
Shell. Shell & Whitmore Reliability Solutions markets,
distributes, and sells lubricants, greases, coolants, reliability
products, and related industrial services to the North America rail
and U.S. mining sectors.
About CSW Industrials
CSWI is a diversified industrial growth company
with well-established, scalable platforms and domain expertise
across two segments: Industrial Products and Specialty Chemicals.
CSWI's broad portfolio of leading products provides performance
optimizing solutions to its customers. CSWI's products include
mechanical products for heating, ventilation, air conditioning and
refrigeration ("HVAC/R") applications, sealants, and
high-performance specialty lubricants. Markets that CSWI serves
include HVAC/R, architecturally-specified building products,
general industrial, plumbing, rail, energy, and mining. For more
information, please visit www.cswindustrials.com.
About Whitmore
Manufacturing
Whitmore, a wholly owned subsidiary of CSWI, is
a global provider of innovative products and services that increase
the reliability, performance and lifespan of industrial assets.
Whitmore manufactures high performance lubricants, friction
modifiers, application equipment, lubrication management systems,
desiccant breathers, and cleaners designed to meet the specific
needs of each industry and application. Industrial customers
worldwide rely on Whitmore to deliver the performance engineered
solutions industry counts on even in the most adverse conditions
and demanding environments. For more information, please visit
www.whitmores.com.
About Shell Lubricants
The term ‘Shell Lubricants’ collectively refers
to the companies of Royal Dutch Shell plc that are engaged in the
lubricants business. Shell Lubricants companies have led the global
lubricants industry by volume for more than 14 consecutive years.*
The companies manufacture and blend products for use in consumer,
heavy industrial, and commercial transport applications. The Shell
Lubricants portfolio of top-quality brands includes Pennzoil®,
Quaker State®, FormulaShell®, Shell TELLUS®, Shell RIMULA®, Shell
ROTELLA® T, Shell SPIRAX®, Shell Gadus®, and Jiffy Lube®.
http://www.shell.us
*Source: Kline & Company 2020, 18th Edition
Global Lubricants: Market Analysis and Assessment.
Safe Harbor Statement
This press release includes forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934,
which are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995, as amended. Words
or phrases such as "may," "should," "expects," "could," "intends,"
"plans," "anticipates," "estimates," "believes," "forecasts,"
"predicts," or other similar expressions are intended to identify
forward-looking statements, which include, without limitation,
earnings forecasts, effective tax rate, statements relating to our
business strategy, and statements of expectations, beliefs, future
plans and strategies, and anticipated developments concerning our
industry, business, operations, and financial performance and
condition.
The forward-looking statements included in this
press release are based on our current expectations, projections,
estimates, and assumptions. These statements are only predictions,
not guarantees. Such forward-looking statements are subject to
numerous risks and uncertainties that are difficult to predict.
These risks and uncertainties may cause actual results to differ
materially from what is forecast in such forward-looking
statements, and include, without limitation, the risk factors
described from time to time in our filings with the Securities and
Exchange Commission, including our Annual Report on Form 10-K.
All forward-looking statements included in this
press release are based on information currently available to us,
and we assume no obligation to update any forward-looking statement
except as may be required by law.
Investor Relations
Adrianne D. GriffinVice President, Investor
Relations, & Treasurer
214-489-7113adrianne.griffin@cswi.com
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