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NewMarket Corporation

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NewMarket Corporation
Company typePublic
NYSE: NEU
S&P 400 Component
IndustryChemicals
Founded1887 (as Albemarle Paper Manufacturing Company)
HeadquartersRichmond, Virginia, U.S.
Area served
Worldwide
Key people
Thomas E. Gottwald (Chairman, CEO), William J.Skrobacz (CFO)
ProductsPetroleum Additives
RevenueIncrease US$2.765 billion (2022)
Increase US$355.139 million (2022)
Increase US$279.538 million (2022)
Total assetsDecrease US$2.407 billion (2022)
Total equityIncrease US$762.407 million (2022)
Number of employees
2,104 [citation needed] (2021)
Websitenewmarket.com
Footnotes / references
[1]

NewMarket Corporation (NYSE: NEU), is a publicly traded American company that primarily serves the petroleum additives industry. The company is based in Richmond, Virginia, and has operations in North America, Latin America, Europe, the Middle East and Asia Pacific. The company's predecessor, the Albemarle Paper Manufacturing Company, was founded in 1887.[2]

NewMarket Corporation employs more than 2,100 employees [3] across its global operations, with an annual revenue of more than $2 billion.[4] The primary business of the company and its subsidiaries is the development, manufacturing, blending and global marketing of fuel and oil additives.[5]

Businesses

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NewMarket Corporation produces lubricant and fuel additives through two subsidiaries: Afton Chemical Corporation and Ethyl Corporation. Two additional subsidiaries, NewMarket Services Corporation and NewMarket Development Corporation, primarily provide operational support.[citation needed]

Afton Chemical Corporation

Afton Chemical Corporation produces fuel additives and lubricant additives.[6] The company also produces driveline additives and a variety of industrial additives, such as hydraulic lubricants and metalworking fluid components.[7]

Afton Chemical has manufacturing locations throughout the United States, as well as in Belgium, England, India, China, Brazil[8] Mexico[9] and Singapore[10] The company also has regional offices in North America, Latin America, Asia Pacific, Europe, India and the Middle East [11] and a R&D technical center for vehicle-based research in Ashland, Virginia.[12]

Gina Harm is the president of Afton Chemical.[13]

Ethyl Corporation

Ethyl provides contract manufacturing services to Afton and to third parties and is a marketer of tetraethyl lead in North America.[14] The company was founded in 1924 after Charles Kettering and a team of scientists discovered an anti-knocking agent for vehicle engines in 1921.[15] Ethyl Corporation is based in Richmond, Virginia, and has a manufacturing plant in Houston, Texas.[16] John Street is the president of Ethyl Corporation.

NewMarket Services Corporation

NewMarket Services Corporation provides administrative services to NewMarket Corporation and its subsidiaries.[17]

NewMarket Development Corporation

New Market Development Corporation manages the approximately 57-acre property that NewMarket Corporation owns in Richmond, Virginia.[18]

History

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NewMarket Corporation was founded in 1887 as the Albemarle Paper Manufacturing Company.[19] In 1964, Albemarle Paper Manufacturing Company acquired Ethyl Corporation,[20] a company started in 1924 by Charles Kettering following the development of Tetraethyllead, an anti-knocking agent for gasoline engines in passenger vehicles.[21]

Ethyl Corporation acquired Edwin Cooper, Inc., a supplier of oil and lubricant additives, in 1975.[22] The acquisitions continued with U.S.-based Amoco Petroleum Additives [23] and Japan-based Nippon Cooper in 1992,[24] and Texaco Additives Company in 1996.[25]

NewMarket Corporation was incorporated in 2004 and renamed its Ethyl Petroleum Additives, Inc. subsidiary as Afton Chemical Corporation.[26] Afton acquired GE Water & Process Technologies’ fuel additives business in 2008 [27] and acquired metalworking additives producer Polartech in 2010.[28]

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References

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  1. ^ "NewMarket Corporation 2022 Form 10-K". www.sec.gov. Retrieved June 22, 2023.
  2. ^ Thomas, Ella (1961). Reports of the Tax Court of the United States, Volume 35. Washington, D.C.: United States Government Printing Office. p. 438. Retrieved June 22, 2023.
  3. ^ [citation needed]
  4. ^ "NewMarket Corporation 2022 Form 10-K". www.sec.gov. Retrieved June 22, 2023.
  5. ^ "NewMarket Corp". Retrieved January 15, 2015.
  6. ^ "Afton Chemical Corporation Company Information". Retrieved January 15, 2015.
  7. ^ "NewMarket Corp". Retrieved January 15, 2015.
  8. ^ "Newmarket Corporation Annual Report 2013". Retrieved January 15, 2015.
  9. ^ "Afton Chemical Completes Acquisition of Aditivos Mexicanos, S.A. de C.V." www.businesswire.com. July 3, 2017. Retrieved August 16, 2021.
  10. ^ "Afton Chemical's S$380 Million Phase II Expansion of Its Jurong Island Plant is Now Complete". www.businesswire.com. September 20, 2018. Retrieved August 16, 2021.
  11. ^ "Contact by Location". Retrieved January 15, 2015.
  12. ^ "SECTION 10 – RESEARCH AND EDUCATION" (PDF). Retrieved January 15, 2015.[dead link]
  13. ^ "Promotion of Gina Harm to President, Afton Chemical". www.businesswire.com. May 17, 2018. Retrieved August 16, 2021.
  14. ^ "Company Overview of Ethyl Corporation". Retrieved January 15, 2015.[dead link]
  15. ^ "Mind Repository Details". Retrieved January 15, 2015.
  16. ^ "Company Overview of Ethyl Corporation". Retrieved January 15, 2015.[dead link]
  17. ^ "NewMarket Corporation". The New York Times. Retrieved January 15, 2015.
  18. ^ "NewMarket Corp". Archived from the original on January 20, 2015. Retrieved January 15, 2015.
  19. ^ "Company Search". Retrieved January 15, 2015.
  20. ^ "Our History". NewMarket. Retrieved January 15, 2015.
  21. ^ "Mind Repository Details". Smithsonian. Archived from the original on January 2, 2015. Retrieved January 15, 2015.
  22. ^ "The Ethyl Corporation Is Diversifying To Alter Its One-Product Image". The New York Times. August 15, 1981. Retrieved January 15, 2015.
  23. ^ "Ethyl Corporation Announces That Its Subsidiary, Ethyl Petroleum Additives, Inc., Completes Acquisition Of Amoco Petroleum Additives Co". Retrieved January 15, 2015.
  24. ^ "Ethyl Signs Deal With Mitsubishi Kasei". Retrieved January 15, 2015.
  25. ^ "Ethyl Corp". Retrieved January 15, 2015.
  26. ^ "Company Overview of Afton Chemical Corporation". Retrieved January 15, 2015.[dead link]
  27. ^ "Afton Acquires GE's Fuel Additives". HIS Chemical Week. Retrieved January 15, 2015.
  28. ^ "Afton Chemical Announces Acquisition of Polartech". Bloomberg. Retrieved January 15, 2015.
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