CLEVELAND--(BUSINESS WIRE)--Oct 31, 2023--
The Lubrizol Corporation has announced a new distribution agreement with IMCD Group, a global leading distribution partner, and formulator of specialty chemicals and ingredients, as part of its commitment to serving the growing lubricant and fuel additives market in Bangladesh.
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IMCD will distribute Lubrizol technology to the rising number of customers throughout the country, enabling them to formulate higher-performance finished fluids and lubricants. Lubrizol believes the finished lubricant market in Bangladesh is expected to grow at a CAGR of 3–5%.
“We see tremendous growth potential in South Asia, and that’s why we are investing in the region and committing to fully supporting oil marketers in Bangladesh,” said Flavio Kliger, senior vice president and president, Lubrizol Additives. “This new agreement with IMCD will allow us to reliably service the growing number of additives customers in the country with our high-performance technology.”
Demand for lubricants and finished fluids in South Asia is being driven by increasing urbanization and industrialization throughout the region. High-performance lubricants, fuels and fluids are required to support growing car parks and new requirements in industrial settings.
“Bangladesh is an evolving marketplace and requires our dedicated support,” said Sanjeev Kaul, vice president, India, Middle East and Africa, Lubrizol Additives. “Together with IMCD, we are fully equipped to provide that support to a growing customer base.”
Lubrizol has previously worked with IMCD to distribute additives in global markets. The companies’ recent mutual successes in India and Africa in part led to the new commitment in Bangladesh.
“Lubrizol has been our partner in India for the past four years, and we are now excited to strengthen this relationship by expanding into Bangladesh,” said Mr. Narendra Varde, Managing Director, IMCD India & Bangladesh. “With our proven track record of successfully nurturing and expanding businesses in India, bolstered by Lubrizol’s cutting-edge technology and unwavering support from their dedicated team, we are confident in our ability to replicate the success in this region. This collaboration will result in a higher level of service and support for Bangladesh oil marketers looking to distinguish themselves from competitors.”
“The entirety of the Asia-Pacific market represents an enormous opportunity for our business and our customers, and we are truly committed to our industry’s collective success,” Kliger adds. “Our ongoing relationship with IMCD is proof positive of our investment in high-growth markets, and we’re excited for a mutually successful future.”
“We consistently evaluate our business processes to ensure we offer the best customer experience,” said Kailash Sawant, director of sales, India and South Asia, Lubrizol Additives. “We have selected IMCD as our new route to market to cater to Bangladesh customers and enable improved services to every single customer.”
For more information, contact your Lubrizol representative or visit www.Lubrizol.com.
About The Lubrizol Corporation
The Lubrizol Corporation, a Berkshire Hathaway company, is a specialty chemical company whose science delivers sustainable solutions to advance mobility, improve wellbeing and enhance modern life. Founded in 1928, Lubrizol owns and operates more than 100 manufacturing facilities, sales and technical offices around the world and has more than 8,000 employees. For more information, visit www.Lubrizol.com.
About IMCD Group
IMCD Group, headquartered in Rotterdam, The Netherlands is a leading global distribution partner and formulator of speciality chemicals and ingredients. A strong, innovative business partner and solutions provider for producers of consumer, industrial and durable goods in multiple business sectors: advanced materials, beauty and personal care, coatings and construction, food and nutrition, home, industrial and institutional care, industrial solutions, lubricants and energy, and pharmaceuticals.
In partnership with our suppliers, we offer a broad and deep product portfolio. In over 70 application laboratories we co-create formulations and sustainable solutions that allow our business partners to make products with a positive impact on the world of today, and tomorrow. Our teams focus on providing commercial and operational excellence, using the best digital and logistics tools available to create a world of opportunity for our partners.
In 2022, with over 4300 employees, IMCD realised a revenue of EUR 4,601 million.
IMCD N.V.’s shares are traded at Euronext, Amsterdam (symbol: IMCD) and included in the Dutch ESG AEX index, as one of 25 companies within the AEX and AMX indices demonstrating best ESG practices.
For further information, please visit www.imcdgroup.com
View source version on businesswire.com:https://www.businesswire.com/news/home/20231031916464/en/
CONTACT: Lubrizol business contact:Kailash Sawant
Director of Sales, India and South Asia
Kailash.Sawant@Lubrizol.comLubrizol media contacts:Celeste Conklin
Director of Global Communications
Celeste.Conklin@Lubrizol.comCharu Tripathi
Regional Marketing Manager, India, Middle East and Africa
Charu.Tripathi@Lubrizol.com
KEYWORD: OHIO NORTH AMERICA UNITED STATES ASIA PACIFIC INDIA BANGLADESH
INDUSTRY KEYWORD: SCIENCE OTHER ENERGY OTHER SCIENCE OIL/GAS OTHER MANUFACTURING ENERGY CHEMICALS/PLASTICS MANUFACTURING
SOURCE: Lubrizol Corporation
Copyright Business Wire 2023.
PUB: 10/31/2023 11:30 PM/DISC: 10/31/2023 11:33 PM
http://www.businesswire.com/news/home/20231031916464/en
