SINGAPORE - Tuesday, May 17th 2016 [ME NewsWire]
(BUSINESS WIRE)-- Global petroleum additive specialist Afton Chemical Corporation today announced the opening of its production plant in Jurong Island, Singapore which was marked by a special visit by Singapore’s Minister for Trade and Industry (Industry), Mr S Iswaran.
The facility will now commence production of key components that are used in Afton Chemical Corporation’s engine oil additives to meet rising regional and global demand.
“Today’s opening marks the end of a significant development and construction process at our new, fully owned facility, which began back in 2014,” said Rob Shama, President, Afton Chemical Corporation. “More importantly, it marks the start of a new chapter where we are able to better secure the supply of key components for our customers to be able to meet their future growth aspirations.”
The opening of the plant represents a new phase of Afton Chemical Corporation’s ongoing expansion into Asia Pacific, and is central to the company’s plans to ensure that its specialist additive products are ‘Made in Asia for Asia’. The company’s “Made in Asia” strategy is aimed at ensuring it has the right supply footprint to meet its customer’s needs. The organization already manages a number of other facilities across the region, including Technology Centers, in Suzhou, China and in Tsukuba Japan. It’s “Made for Asia” strategy ensures that the products and services it offers are developed on the basis of regional insights.
“This new production facility serves as a real vote of confidence in Singapore, a country with a robust infrastructure and a well-established position as a petro-chemicals and supply hub. This plant will further strengthen our global supply network, and help us and our customers to capitalize on the continuing migration of upstream capacities into the region,” said Teddy Gottwald, President and CEO of NewMarket Corporation, the parent company of Afton Chemical Corporation.
"Afton Chemical Corporation’s decision on Singapore as its principle additive manufacturing site in Asia attests to Singapore's attractiveness as a location for companies looking to capture growth opportunities in this region and it reinforces Singapore’s position as the leading specialty chemicals hub in Asia,” said Cindy Koh, Director, Energy and Chemicals, Singapore Economic Development Board. “We look forward to writing their Asia growth story together.”
The plant also has full capability to produce all of the engine oil additives needed for Asia region and is scalable to allow Afton Chemical Corporation to grow as demand warrants. In the longer term, additional units, such as specialty dispersants, may be added to produce other petroleum additive products in line with market and customer needs.
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. 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, availability of raw materials and distribution systems; disruptions at manufacturing facilities, including single-sourced facilities; ability to respond effectively to technological changes in our industry; failure to protect our intellectual property rights; failure to attract and retain a highly-qualified workforce; hazards common to chemical businesses; competition from other manufacturers; sudden or sharp raw material price increases; gain or loss of significant customers; occurrence or threat of extraordinary events including natural disasters and terrorist attacks; risks related to operating outside of the United States; the impact of fluctuations in foreign exchange rates; an information technology system failure; 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 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 2015 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 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.
Edelman for Afton Chemical Corporation
Toby Doman, +65 6347 2307