Germany-based chemical distribution major Brenntag has signed an agreement to acquire Petrolube, the exclusive distributor of Infineum specialty fuel and oil additives based in Milan, Italy.
For the financial year 2012, the Italian company expects an EBITDA of about 0.8 million.
The acquisition follows Brenntag's acquisition of Multisol Group, a specialist in the distribution of lubricant additives and base oils in Europe and Africa in November 2011.
In addition, the deal further strengthens Brenntags strategic relationship with Infineum, a market-leading manufacturer of specialty fuel and oil additives, the company said.
We are delighted with the successful acquisition of Petrolube and the significant contribution it will bring to our existing lubricants and additives business in Italy, said Karsten Beckmann, chief operating officer for Brenntag's European business.
Financial terms were not disclosed.