Afton Chemical aquires new additive division

Richmond-based Afton Chemical has acquired Polartech, a company which specializes in metalworking additives.

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.

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