Sharjah-based petrochemical giant GP Global has expanded its portfolio with the acquisition of a leading lubricant manufacturer in the Middle East.
In a deal worth $75 million, GP Global – a conglomerate formerly known as Gulf Petrochem Group – acquired a majority stake MAG Lube, which manufactures lubricants for distribution to more than 40 countries across the Middle East, Africa and Asia.
GP Global said MAG Lube’s current CEO, Mahmoud Al Theraawi, will remain in his position and continue to lead the business in the UAE with the GP Global Lubricant team in UAE integrating into the overall MAG Lube LLC structure.
Established in 2013, MAG Lube is described as one of the fastest growing companies in the UAE, witnessed 100% growth year on year, with 30,000 sq m state-of-the art blending facility situated in National Industrial Park, Jebel Ali.
GP Global said its factory has the latest fully-automated blending system technologies and has a fully equipped, ultra-modern laboratory focusing on research and development. MAG Lubes currently employs over 100 employees across the Middle East and Africa.
As a result of the acquisition, GP Global’s lubricant manufacturing business is expected to achieve regional sales of over 60,000 kilolitre (KL) in...
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