Caterpillar Acquires EMD
Progress Rail Services, a wholly-owned subsidiary of Caterpillar Inc., has signed a definitive agreement to purchase Electro-Motive Diesel (EMD) for $820 million in cash from Berkshire Partners LLC and Greenbriar Equity Group LLC. Upon completion of the transaction, EMD will become a wholly-owned subsidiary of Progress Rail.
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BP Joins the Fray, Increases Lube Prices
BP Lubricants announced on May 27, 2010 it will increase the prices on all Passenger Car, Commercial, and ancillary products, including synthetics, in all package types an average of 8% effective July 12, 2010. BP Lubricants attributed the price increase to the increased cost of base oil and other raw material costs in the marketplace over the last several months.
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Hinduja Group Plans $1 Billion Saudi IPO of Lubes Blender Petromin
Gulf Oil International Group and the Dabbagh Group of Saudi Arabia, co-owners of Saudi Arabia-based lubricant manufacturer Petromin Corp, plans to raise as much as $1 billion by the end of the year in a Saudi initial public offering of 30 percent of their stake in Petromin.
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Total to Build 25,000 MT Lube Plant at King Abdullah Economic City
Saudi Total Lubricants Company Ltd (SATLUB) signed an agreement with Emaar, the Economic City (EEC), the Tadawul-listed company developing King Abdullah Economic City (KAEC), to establish a 25,000 MT lubricants manufacturing facility on approximately 65,000 square meters of a plot in the Industrial Valley in KAEC.
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Chemtura Announces Plans to Exit Chapter 11
Chemtura has announced that it is in active and ongoing discussions in an effort to reach a consensual Chapter 11 plan of reorganization. As currently contemplated, the plan of reorganization will provide for emergence from Chapter 11 and continuation of all worldwide operations of Chemtura and its subsidiaries.
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ILMA Chooses Roy Firestone as 2010 Annual Meeting Keynote Speaker
Journalist and television host Roy Firestone will deliver the keynote address at the 2010 ILMA Annual Meeting, October 9-12 at the Hyatt Grand Champions Resort, Villas and Spa in Indian Wells, Calif. Firestone's sports and entertainment journalism has received seven Emmy® awards and seven Cable Ace awards.
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Asia Pacific Base Oil Market: Drifting
The Asia Pacific base oil market stood unchanged and surrounded by weak buying sentiment especially in China and India market. The market seems to absorb the pressure at the moment. For four consecutive weeks, the prices have not moved. Buyers are still long in position and are not in a hurry to take fresh orders.
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Eastern Hemisphere Lube Base Oil Price Report
Crude oil traded in a range between $71.50 and $75 per barrel most of last week, closing at US$71.51 per barrel on the New York Mercantile Exchange last Friday. Eastern hemisphere lube base oil prices having fairly much stabilized a few weeks ago are now showing a downward bias.
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