RICHMOND, Va. - Wednesday, July 18th 2012 [ME NewsWire]
(BUSINESS WIRE)-- Afton
Chemical Corporation announces the construction of a new chemical
additive manufacturing facility on Jurong Island, Singapore. The
multi-year investment, approved by the NewMarket Board on July 17th,
will be fully owned and operated by Afton, emphasizing the company’s
strong commitment to the expanding Asia-Pacific market. Singapore was
selected after an extensive analysis which focused on facility readiness
and flexibility, market access, economics, safety, and logistics.
“This represents an investment that is likely to be in excess of 100
million USD for Afton Chemical, and another strong commitment by our
Board to this key market,” said Dr. Warren Huang, Afton President. “We
have established a significant presence through acquisitions and
investments, and with the new facility on Jurong Island, we will
continue to bring our company’s ‘Passion for Solutions’ to the
Asia-Pacific region,” he said.
“In recent years, we’ve intensified our focus on this important
region,” said Damian Barnes, Vice President, Supply. “The new Jurong
Island facility will enhance our ability to provide quick and effective
service to our Asia-Pacific customers as well as those in India and the
Middle East,” he said.
Groundbreaking for the plant is scheduled for the third quarter, 2013,
and it’s expected to be operational by mid-2015. The initial capacity
will represent a modest increase in our overall global production. The
plant will be scalable to allow Afton to grow as demand warrants.
Dr. Huang added, “This strong combination of R&D and manufacturing
in the region, will not only improve security of supply and reduce
lead-times, but also help us to develop cost-effective, customized
solutions for the region. And in turn, that will help our customers
improve the profitability of their businesses.”
This presence is in addition to Afton’s regional manufacturing in
Suzhou, China and Jurong Island, Singapore (operated by Chemical
Specialties Singapore (Pte) Ltd.). Afton has technical centers in
Tsukuba, Japan and Suzhou, China and sales offices in Tokyo, Japan;
Beijing, China; Guangzhou, China; Seoul, South Korea; Sydney, Australia;
and Bangkok, Thailand. Afton maintains its regional headquarters in
Singapore.
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.
Contacts
Afton Chemical Corporation
Lauren Ereio,
Marketing Communications Manager
804-788-5800
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