Shell Will Buy Two Fluids Brands From M&I Materials to Boost Power, Renewables Portfolio

By Christian Moess Laursen

Shell said its lubricants business has agreed to acquire two units from specialist-materials maker M&I Materials to strengthen its product portfolio for the power and renewables sectors.

The British energy giant said Tuesday that it has signed an agreement to purchase transformer-fluid brand Midel and dielectric-immersion-fluids brand Mivolt from Manchester, U.K.-based M&I Materials.

"The addition of the Midel and Mivolt premium product ranges to our portfolio acknowledges the growing ester fluid market and will help Shell Lubricants meet customer needs in the renewables and power sectors," Executive Vice President for Global Lubricants Jason Wong said.

For the purpose of the deal, M&I Materials will carve out the two business lines into M&I Materials Development, which Shell will acquire in full.

The deal is expected to be completed in the fourth quarter.

Write to Christian Moess Laursen at [e-mail]

(END) Dow Jones Newswires

10-10-23 0651ET