Afton Chemical Continues to Invest in Capabilities to Meet Growing Market Needs in Transmission Fluids and Electric Vehicles
July 20 2022 - 12:17PM
Business Wire
Afton Chemical Corporation, a global leader in petroleum
additives, announced the recent completion of a $70 MM USD
investment in its Sauget, IL Plant’s Automatic Transmission Fluid
(ATF) additive production facility.
The investment will help support the growing needs of oil
marketers and Original Equipment Manufacturers (OEMs) for
next-generation developments in electric vehicle (EV) fluids,
including hybrid and battery electric vehicles (HEV, BEV). The
improvements will also provide additional capability and capacity
to meet continuing quality standards such as IATF 16949.
“We are committed to maintaining best-in-class manufacturing
capabilities to better manage and respond to the needs of oil
marketers and OEMs in the rapidly evolving EV market,” said Ryan
Pannell, VP of Manufacturing. “The investments improve the overall
efficiency of our manufacturing footprint to ensure supply
continuity for our customers.” With the support of its parent
company NewMarket Corporation, Afton has invested over half a
billion USD since 2016 in capability and capacity around the
world.
“We are proud of the Sauget team’s ability to safely complete
this complex project during the past two years. The capability and
capacity added to the facility have us well-positioned to meet our
customer’s increasing needs,” commented Kevin Steding, Sauget Plant
Manager.
Afton Chemical is a global leader in automatic transmission
fluid (ATF) additives, resulting from many years of research and
development with the world’s major OEMs. Afton leads the way in
transmission additives for traditional step-type automatics and
newer technologies, such as dual-clutch transmissions (DCT) and
continuously variable transmissions (CVT) – and continues the
leadership in electric transmissions.
“The rapid pace of change in HEV and BEV development brings
additional lubricant demands and opportunities for enhanced
performance, neither of which should be overlooked,” said Adam
Banks, eMobility Marketing Manager. “Close supplier partnerships
are vital to ensure that electrified transmission fluid (ETF)
enables OEMs to keep driving powertrain designs forward without
being held back. In addition, we continue to invest in new
capabilities at our technology centers in the US, UK, China, and
Japan for the unique testing and development capabilities necessary
for EV product development and technology understanding. Our
commitment to electrification and its role in delivering carbon
improvement is part of Afton’s multi-faceted plan to make the world
a better place.”
Afton’s Sauget, IL Plant has produced additives for the
lubricant markets since 1975. The facility is an OSHA VPP Star site
and is RC-14001:2008, ISO 14001:2004 by DNV Certification, Inc.,
and ISO 9001 certified.
About Afton Chemical Corporation:
Afton Chemical Corporation is part of the NewMarket Corporation
(NYSE: NEU) family of companies. Afton Chemical Corporation uses
its formulation, engineering and marketing expertise to help their
customers develop and market fuels and lubricants that reduce
emissions, improve fuel economy, extend equipment life, improve
operator satisfaction and lower the total cost of vehicle and
equipment operation. Afton Chemical Corporation develops and sells
an extensive line of unique additives for gasoline and distillate
fuels, driveline fluids, engine oils and industrial lubricants.
Afton Chemical Corporation 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
www.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, such as
statements regarding the benefits of the company’s manufacturing
expansion and statements about the company’s long-term global
growth plans. Although NewMarket’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, the availability
of raw materials and distribution systems; disruptions at
production facilities, including single-sourced facilities; hazards
common to chemical businesses; the ability to respond effectively
to technological changes in our industry; failure to protect our
intellectual property rights; sudden or sharp raw material price
increases; competition from other manufacturers; current and future
governmental regulations; the gain or loss of significant
customers; failure to attract and retain a highly-qualified
workforce; an information technology system failure or security
breach; the occurrence or threat of extraordinary events, including
natural disasters; terrorist attacks and health-related epidemics
such as the COVID-19 pandemic; risks related to operating outside
of the United States; political, economic, and regulatory factors
concerning our products; our inability to realize expected benefits
from investment in our infrastructure or from recent or future
acquisitions, or our inability to 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 2021 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 NewMarket in the foregoing discussion speaks only as of the date
on which such forward-looking statement is made. New risks and
uncertainties arise 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220712005923/en/
Americas: Lauren Packard on +1 804 788 6081 or
Lauren.Packard@AftonChemical.com
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