April 30, 2018 / 9:58 AM / 24 days ago

ExxonMobil to buy Indonesian lubricant firm Federal in $436 million deal

JAKARTA (Reuters) - ExxonMobil has agreed to acquire Indonesian motorcycle lubricant maker PT Federal Karyatama (FKT) in a $436 million transaction, FKT’s parent PT Mitra Pinasthika Mustika said on Monday.

FILE PHOTO: Logos of ExxonMobil are seen in its booth at Gastech, the world's biggest expo for the gas industry, in Chiba, Japan April 4, 2017. REUTERS/Toru Hanai/File Photo

ExxonMobil plans to buy 100 percent of FKT, including the Federal Oil brand, and expects to complete the deal in the third quarter of 2018, ExxonMobil said in a statement. bit.ly/2r9g7j8

ExxonMobil said the acquisition of FKT, one of Indonesia’s largest manufacturers and marketers of motorcycle lubricants, will accelerate its growth in the market.

“This acquisition, combined with our existing premium Mobil lubricant brand, will help us continue to grow and better serve customers in Indonesia,” said Bryan Milton, president of ExxonMobil Fuels & Lubricants Company.

Mitra Pinasthika said in a Jakarta stock exchange filing that the transaction was worth $436 million, but noted that it still needed shareholder approval.

Additional reporting by Fransiska Nangoy; Writing by Fergus Jensen; Editing by Gopakumar Warrier

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