Business

Tuesday December 4, 2007

Petronas completes FL Selenia buy



KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) has completed the acquisition of the entire interest in FL Selenia SpA, Europe's largest independent producer and marketer of branded automotive lubricants and specialist fluids, from Kohlberg Kravis Robert & Co LP.

In a statement, Petronas said the move was part of continuous efforts to build and enhance its global lubricants business.

According to Petronas, the acquisition brings another strong brand to the company's business and adds critical mass to its lubricants markets in Europe, together with strong original equipment manufacturing (OEM) relationships and world-class research and development capabilities.

“It will provide Petronas a better position to further penetrate the high growth Asian lubricants markets,” it said.

Italy-based FL Selenia has operations across Europe, South America and the United States, producing high-end lubricants, transmission, anti-freeze and specialist fluids for automobiles, truck, agricultural tractors, earth-moving machinery and other industrial equipment.

Petronas already has a strategic arrangement with FL Selenia which markets Petronas' high-end Syntium synthetic lubricants in some parts of Europe while Petronas provides a similar service for FL Selenia's products to certain original equipment manufacturers in China. – Bernama

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