SWITZERLAND - Subject to regulatory clearance and the satisfaction of closing conditions, the deal is expected to be completed by early 2023.

Shell has announced that wholly owned subsidiaries of Shell plc in Switzerland, the UK, the US and Sweden have entered into agreements to acquire the Environmentally Considerate Lubricants (ECLs) business of the PANOLIN Group.

The transaction includes the brand, ECL product formulations, intellectual property, technical expertise and technology, international customer base and portfolio of products - for hydraulics, gears, universal tractor transmission oils, biodegradable engine oils (HDEO), turbine oils, chainsaw oils and greases for machine lubrication, including leading OEM-approved products.

Shell expects to fully integrate the business into its global lubricants business within two years after completion, aligning with Shell's Powering Progress strategy to accelerate the transition to a net-zero emissions energy business by 2050.

Machteld de Haan, Global Executive Vice President of Shell Lubricants, said: "We are entering into this strategic acquisition to grow our presence in the global industrial lubricants market, through differentiated, value-added propositions for our customers. Once completed, the acquisition will enable us to complement our existing range of sustainable products in response to increasing customer demand."

Subject to regulatory clearance and the satisfaction of closing conditions, the deal is expected to be completed by early 2023.

Source: Shell