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Lubrication Technologies Announces Finished Lubricant Price Reductions
December 16, 2008ST. PAUL, MINNESOTA Lubrication Technologies, the Midwest region’s leading distributor, blender and packager of petroleum and water based liquid technology, recently announced a price reduction for several house-branded finished lubricants. This price reduction encompasses several products including passenger car engine oils, heavy duty engine oils, automatic transmission fluids, hydraulic fluids, cutting oils and several other commodity products. Many reductions are in the 5-7% range; however some products are impacted as much as 15%.
While crude and base oil prices have been dropping over several months, the finished lubricant market lagged behind. “Customers have been asking us when they will see a change in prices and while we’ve explained the market factors to them, we also understand how frustrating it can be to wait when the gas pump price keeps dropping,” commented Chris Bame, Lube-Tech President and Chief Executive Officer.
Lube-Tech is ahead of the price reduction trend in this announcement and attributes that change to its ability to be flexible and always deliver upon customer needs, first. The organization calls this approach part of the “Ultimate Customer Experience,” which it is committed to delivering. Stated Eric Jackson, Lube-Tech Chief Operating Officer, “The Ultimate Customer Experience is about delivering value to our customers as quickly and as easily as possible. The idea is to offer our customers real solutions that help them manage their business in a streamline, seamless fashion. This price reduction is reflective of our commitment to helping our customers do business more cost effectively.”
While Lube-Tech is early to act on these reductions, some major brands are also beginning to announce changes. “As the major brands follow suit, we are extending reductions to our customers on those product lines as well,” stated Jackson.
Remarked Bame, “We experienced unprecedented market volatility throughout 2008, so this shift is a welcome change for our business and for our customers. It is exciting to pass along good news, especially during this harsh business climate.”
About Lubrication Technologies
Lubrication Technologies is the culmination of the three most recognized petroleum distributors in MN: Gopher Oil Co, Rollins Oil Co and Hallman Oil Co., lending a history that dates back to 1929. Lubrication Technologies develops and produces thousands of innovative products across diverse markets throughout the world. Flexibility, technology and unmatched customer focus are the key drivers behind Lubrication Technologies’ history of success and continue to remain the cornerstones for growth and diversification. For more information, visit www.lube-tech.com.
