NewMarket Corporation

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NewMarket Corporation
Public
Traded as NYSE:NEU
Industry Chemicals
Founded 1887
Headquarters Richmond, Virginia, U.S.
Area served
 Worldwide
Key people
 Thomas E. Gottwald (Chairman, CEO) Brian Paliotti (CFO)
Products Petroleum Additives
Revenue US$2.28 billion (2013) US$2.21 billion (2012)
Website newmarket.com

NewMarket Corporation is a publicly traded (NYSE: NEU), company that primarily serves the petroleum additives industry. The company is based in Richmond, Virginia, and has operations in North America, Latin America, Europe, the Middle East and Asia Pacific. The company was founded in 1887.[1]

NewMarket Corporation employs more than 1,800 employees [2] across its global operations, with an annual revenue of more than $2 billion.[3] The primary business of the company and its subsidiaries is the development, manufacturing, blending and global marketing of fuel and oil additives.[4]

Businesses

NewMarket Corporation produces lubricant and fuel additives through two subsidiaries: Afton Chemical Corporation and Ethyl Corporation. Two additional subsidiaries, NewMarket Services Corporation and NewMarket Development Corporation, primarily provide operational support.[5]

Afton Chemical Corporation

Afton Chemical Corporation produces fuel additives that boost fuel performance and lubricant additives that improve the functionality, durability and performance of oils.[6] The company also produces driveline additives and a variety of industrial additives, such as hydraulic lubricants and metalworking fluid components.[7]

Afton Chemical has manufacturing locations throughout the United States, as well as in Belgium, England, India, China and Brazil.[8] A new chemical additive manufacturing plant is being constructed in Jurong Island, Singapore, and is expected to become operational late-2015.[9] The company also has regional offices in North America, Latin America, Asia Pacific, Europe, India and the Middle East [10] and an R&D technical center for vehicle-based research in Ashland, Virginia.[11]

Robert Shama is the president of Afton Chemical.[12]

Ethyl Corporation

Ethyl provides contract manufacturing services to Afton and to third parties and is a marketer of TEL in North America.[13] The company was founded in 1924 after Charles Kettering and a team of scientists discovered an anti-knocking agent for vehicle engines in 1921.[14] Ethyl Corporation is based in Richmond, Virginia, and has a manufacturing plant in Houston, Texas.[15] Azfar Choudhury is the president of Ethyl Corporation.[16]

NewMarket Services Corporation

NewMarket Services Corporation provides administrative services to NewMarket Corporation and its subsidiaries.[17]

NewMarket Development Corporation

New Market Development Corporation manages the approximately 57-acre property that NewMarket Corporation owns in Richmond, Virginia.[18]

History

NewMarket Corporation was founded in 1887 as the Albemarle Paper Manufacturing Company.[19] In 1964, Albemarle Paper Manufacturing Company acquired Ethyl Corporation,[20] a company started in 1924 by Charles Kettering following the development of an anti-knocking agent for passenger vehicles.[21]

Ethyl Corporation acquired Edwin Cooper, Inc., a supplier of oil and lubricant additives, in 1975.[22] The acquisitions continued with U.S.-based Amoco Petroleum Additives [23] and Japan-based Nippon Cooper in 1992,[24] and Texaco Additives Company in 1996.[25]

NewMarket Corporation was incorporated in 2004 and renamed its Ethyl Petroleum Additives, Inc. subsidiary as Afton Chemical Corporation.[26] Afton acquired GE Water & Process Technologies’ fuel additives business in 2008 [27] and acquired metalworking additives producer Polartech in 2010.[28]

External links

References

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