ELM Spins-Off Metalworking Fluids Technology to Performance BioLubes
CEDAR FALLS, Iowa - Environmental Lubricants Manufacturing, Inc. (ELM)
ELM announced today that it has completed a restructuring of its product lines through a Technology Holding Company owned by its minority shareholders that has in turn licensed the Technology to PBL. PBL was formed by the distributors of ELM metalworking fluid products and include former ELM metalworking fluids manager, Mr. Gene Tripp.
"PBL is the right choice for ELM to ensure that these superior performing biobased metalworking fluids continue their success and expand their market share" said ELM Founder and Chairman Lou Honary. PBL is starting up with a tremendous advantage. According to Honary, it starts "with the most successful of ELM's biobased metalworking fluids distributors in Illinois and Michigan, and will have the leadership of Gene Tripp", who has been the champion of ELM metalworking fluid products for the past 8 years. It will receive "significant existing business from ELM", and is tied in to other distributor networks nationwide. All of this along with a blending agreement with ELM to continue to supply finished products seamlessly; will allow PBL "to focus on expanded marketing and distribution".
Alan Burgess, technical Manager at ELM said "ELM has informed its existing metalworking customers of this change and will continue to support these products through appropriate means. With product blending and quality assurance at ELM, there should be no interruption of services and product delivery."
Honary said, this transaction is in line with the long term vision of ELM and will allow the company to focus on its core expertise of manufacturing and selling biobased railroad and truck greases, food grade lubricants and greases, and a number of other hydraulic and gear oils.
At #470 on Inc. Magazine's 500 fastest growing private companies in the US, Environmental Lubricants Manufacturing, Inc. (ELM) was formed in 2000 to commercialize over 40 biobased lubricants and greases that had been created at the University of Northern Iowa's National Ag-Based Lubricants (NABL) Center. More information at www.elmusa.com.
Contact:
Lou Honary,
Chairman, Environmental Lubricants Manufacturing, Inc. (ELM),
(319) 939-1397
Bob Frazier,
President, Performance BioLubes, LLLC,
(284)-953-4509
http://www.elmusa.com/
