Terms of the deal were not disclosed.
From the press release:
The agreement includes all physical assets of the Polartech business including headquarters, R&D and manufacturing facilities in the UK, as well as manufacturing sites in India, China and the US. Afton will assume approximately 130 full-time employees. Polartech has annual revenue of approximately $45 million. Financial terms of the agreement were not disclosed.
“This acquisition represents a significant step for Afton in our strategy to expand our technology and expertise in the industrial market,” said Warren Huang, Afton Chemical’s President in a statement.
“As a result of the acquisition, we also now have a greater presence in targeted international markets – including India and China – where we see opportunities for growth,” said Huang.