NewMarket Corporation
| Company type | Public |
|---|---|
| Industry | Chemical |
| Predecessor | Albemarle Paper Manufacturing Company |
| Founded | 1887 |
| Headquarters | Richmond, Virginia , United States |
Area served | North America, Latin America, Europe, Middle East, Asia Pacific |
| Products | Petroleum additives, fuel additives, lubricant additives |
Number of employees | 2100+ (2022) |
| Website | newmarket |
NewMarket Corporation (NYSE: NEU) is a U.S.-based chemical enterprise publicly listed on the New York Stock Exchange, focusing on the production of petroleum additives. With its main office located in Richmond, Virginia, the company operates internationally, serving markets in North America, Latin America, Europe, the Middle East, and the Asia Pacific region. Established in 1887 under the name Albemarle Paper Manufacturing Company, NewMarket currently employs more than 2,100 individuals and reported revenues surpassing $2.7 billion in 2022. The company’s primary activities include the formulation, manufacturing, blending, and global distribution of additives for fuels and lubricants.
Businesses
NewMarket’s lubricant and fuel additive products are mainly marketed through its subsidiaries Afton Chemical Corporation and Ethyl Corporation. Additional support functions such as administrative services and real estate management are handled by NewMarket Services Corporation and NewMarket Development Corporation, respectively.
Afton Chemical Corporation
Afton Chemical specializes in producing additives for fuels, lubricants, drivelines, and industrial applications, including hydraulic lubricants and metalworking fluids. It operates manufacturing plants across the United States, Belgium, England, India, China, Brazil, Mexico, and Singapore. Sales operations are supported by regional offices spanning North America, Latin America, Asia Pacific, Europe, India, and the Middle East. The company also maintains a research and development center focused on vehicle-related technologies located in Ashland, Virginia. Gina Harm holds the position of president at Afton Chemical.
Ethyl Corporation
Ethyl Corporation provides contract manufacturing services both to Afton Chemical and external clients while distributing tetraethyl lead within North America. Founded in 1924 after Charles Kettering’s team discovered an anti-knock gasoline additive in 1921, Ethyl is headquartered in Richmond and operates a manufacturing facility in Houston, Texas. John Street serves as president of Ethyl Corporation.
NewMarket Services Corporation
This entity delivers administrative support services to NewMarket and its subsidiary companies.
NewMarket Development Corporation
Responsible for managing roughly 57 acres of property owned by NewMarket in Richmond, Virginia.
History
The origins of NewMarket Corporation date back to 1887 when it was established as Albemarle Paper Manufacturing Company. In 1964, it acquired Ethyl Corporation—originally founded in 1924 by Charles Kettering following his team’s creation of tetraethyllead as a gasoline anti-knock additive.
Ethyl Corporation expanded its footprint through various acquisitions: Edwin Cooper, Inc., an oil and lubricant additive supplier acquired in 1975; Amoco Petroleum Additives (U.S.) and Nippon Cooper (Japan) both acquired in 1992; followed by Texaco Additives Company in 1996.
In 2004, NewMarket Corporation was formed as a corporate entity and rebranded its Ethyl Petroleum Additives subsidiary to Afton Chemical Corporation. The company further enhanced its product offerings and market presence by acquiring GE Water & Process Technologies’ fuel additives division in 2008 and metalworking additive manufacturer Polartech in 2010.
External links
References
- New York Stock Exchange-listed companies
- United States chemical corporations
- Richmond, Virginia-based enterprises
- American corporations founded in 1887
- Chemical industry firms established in 1887
- S&P 400 constituent companies
- Companies of the United States by year of establishment
- American companies established in 1887