FAIRHAVEN – Nye Lubricants Inc. has agreed to be acquired by the FUCHS Group, under the umbrella of FUCHS PETROLUB SE, the companies announced Monday.
The deal is expected to be completed by the end of 2019.
Nye Lubricants employs 180 people. The company expects to continue to operate out of its Fairhaven location “for the foreseeable future.” Nye specializes in the development and manufacturing of synthetic lubricants.
FUCHS is a German-headquartered company with 5,446 employees internationally. The company’s revenue in 2018 was roughly $2.9 billion in 2018. Nye recorded a $51 million revenue in fiscal 2018.
FUCHS is the largest independent lubricant manufacturer in the world, according to a news release announcing Nye’s agreement to be acquired by FUCHS.
“Nye’s mission is to partner with innovative companies and provide high-performance solutions using its vast technical knowledge, engineering expertise, and state-of-the-art [research and development] laboratories. Over the last 175 years, Nye has developed more than 1,000 proprietary formulations to solve its customers’ toughest engineering challenges in the most demanding end-markets, including automotive, medical, aerospace, semiconductor and numerous other industries,” said George B. Mock, CEO and president of Nye. “Joining forces with FUCHS presents Nye with tremendous resources and expertise to broaden its solutions for an ever-increasing global customer base.”
Terms of the deal were not disclosed.
Nye’s customers include manufacturers of clean-room equipment, appliance and power tools, medical devices and renewable-energy equipment. It was recently honored for overall excellence for companies between 150 and 499 employees in the 2019 PBN Manufacturing Awards.
The company was founded in Fairhaven in 1844.
“Nye brings specific engineering expertise and a design partnership approach to the customer relationship that is unique. We will use this approach and build upon it using our broad market penetration. The acquisition, and the Nye team, will significantly increase our R&D and engineering expertise while using FUCHS’ supply chain and market presence to satisfy emerging customer needs,” stated Keith Brewer, CEO and president of FUCHS LUBRICANTS CO. USA.
