Norway-Lubetech, a company offering lubricants for different industrial, commercial to domestic applications announced the buyout of a 50% stake belonging to A.B. Tallksen, one of the shareholders of Lubetech. Tallaksen owned a 50 percent stake in Lubetech, which has now been bought by Thor and Workshop Service AS. Thor and Workshop Service now has a 100 percent stake in Lubetech.
At the buyout, Thor Thorsen, Lubetech’s Managing Director said, “the move will revitalize the company while unlocking dormant capabilities and value. In the last few years Lubetech has been increasing its sales and marketing activities to fully utilize our potential and position ourselves in a competitive market. We have registered a turnover growth of 10 percent on the lower side with an annual growth rate of 7-10 percent. The buyout will help us to fully focus our attention on more growth, customer satisfaction and enhancing our investments in various areas.”
As a result of the buyout, Lubetech will be rolling out more products within its line of operation and investing in new markets. The company is also about to upgrade its online presence and product offering to meet the changing responsive needs of the web for more profitability and productivity in the next few months.
About Lubetech: Lubetech is a provider of lubricants for many industrial, domestic and commercial uses. It was started in 2007 to supply lubricants along the South West part of the Norwegian coastline to leading companies such as production and exploration companies, drilling contractors as well as maintenance workshops across Norway.