MINNEAPOLIS and FORDS, N.J., Nov. 12, 2002 – Cargill Industrial Oils & Lubricants and Hatco Corporation (a unit of Kaufman Holdings) have announced their intention to form an alliance to supply the Latin American market with biobased industrial lubricants – made from renewable resources such as soy and palm oil – and lubricant ester base stocks. The companies plan to combine Cargill’s strength in trading and processing vegetable oils with Hatco’s expertise in developing synthetic esters for aviation, industrial and automotive applications.
Kurtis Miller, head of Cargill Industrial Oils and Lubricants, said a combined Latin American presence might include construction of a refining plant and an ester plant, or acquiring existing facilities. “The market for biobased lubricants is just beginning to grow in Latin America,” Miller said. “We intend to be a key player as it develops and we believe an alliance with Hatco will help spur that development.”
“We have been searching for the ideal way to service the growing Latin American market for high performance, specialty lubricants and their ester base stocks,” said Alex Kaufman, chairman and CEO of Hatco Corporation. “Teaming up with Cargill, one of the most highly respected companies in Latin America, would provide us with a competitive advantage in reaching this goal. Hatco would thus maintain worldwide leadership in polyol ester production.” The intention is to have biobased lubricants and ester-based stocks available in Latin America by the end of 2003.
About Hatco Corporation (www.hatcocorporation.com)
A business unit of Kaufman Holdings headquartered in Fords, New Jersey, Hatco is a leading global producer of synthetic lubricant basestocks for technically demanding applications in the aviation, automotive, industrial, medical, cosmetic and personal care markets. The Corporation serves customers and markets through a global network of integrated sales, production, research, technical service and distribution facilities.
About Cargill Industrial Oils & Lubricants (www.techoils.cargill.com)
Cargill Industrial Oils & Lubricants, based in Minneapolis, is a leading supplier of natural fats, oils and environmentally advantaged products to industrial markets. It is a business unit of Cargill, Incorporated, an international marketer, processor and distributor of agricultural, food, financial and industrial products and services with 97.000 employees in 59 countries. The company provides distinctive customer solutions in supply chain management, food applications, and health and nutrition.
Source: Presseinformation (E-Mail) der Hatco Corporation vom 2002-11-25.