GP Global (formerly Gulf Petrochem Group) has completed its acquisition of MAG Lube LLC, a leading manufacturer of lubricants in the Middle East valued at close to $75 million in a global lubricants market said to reach $166.23 billion by 2025, according to Grand View Research. MAG Lubes LLC currently employs over 100 employees who will continue to service customers following the acquisition.
As a result of the acquisition, GP Global’s lubricant manufacturing business is expected to achieve regional sales of over 60,000 kiloliters (KL) in 2018, up from 12,000 KL prior to the acquisition. The renewed output will help GP Global get closer to its strategic vision of producing 250,000 KL of lubricants globally by 2022 through organic and inorganic growth.
The acquisition will further bolster GP Global’s offering across its business units: refining, storage terminals, trading and bunkering, bitumen, lubricants and grease manufacturing, shipping and logistics.