Exxon acquired Indonesian lubricant manufacturer

ExxonMobil announced in a press release that it agreed to purchase PT Federal Karyatama, one of Indonesia’s largest manufacturers and marketers of motorcycle lubricants, to enable expansion in an important international market.
The acquisition includes the Federal Oil brand and a 700,000 barrel per year blending plant in Cilegon, Indonesia. Pending shareholder, government and regulatory approvals, ExxonMobil will acquire 100 percent interest in the company from PT Mitra Pinasthika Mustika Tbk. and its affiliate. ExxonMobil expects the transaction to close in the third quarter of 2018, if not earlier.
Founded in 1988, FKT is one of Indonesia’s leading motorcycle lubricant marketers with a nationwide distribution network supported by approximately 40 dealers, 3,200 Federal Oil Centers and more than 10,000 retailers throughout Indonesia.