March 8, 2010 (FinancialWire) — NewMarket Corp.’s (NYSE: NEU) Afton Chemical Corp. unit said it has closed its acquisition of Polartech, a firm specializing in the supply of metalworking additives.

Afton said that, with the acquisition, the company has strengthened its industrial product portfolio. Warren Huang, Afton Chemical’s president said that, “As a result of the acquisition, we also now have a greater presence in targeted international markets including India and China where we see opportunities for growth.”

The agreement includes all physical assets of the Polartech business including headquarters, R&D and manufacturing facilities in the UK, as well as manufacturing sites in India, China and the US.

Afton will assume around 130 full-time employees. Polartech posts annual revenue of around $45 million.

Financial terms of the agreement were not disclosed.

Virginia-based Afton Chemical is a wholly-owned subsidiary of NewMarket. Afton Chemical develops and manufactures petroleum additives used in machinery, vehicles, and other equipment.

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