In a statement, Shell said the deal includes the PANOLIN brand name, product formulations, intellectual property, technical expertise and technology, and its portfolio of products. End-use applications include machine greases, hydraulics and gears, among others.  

ECLs are biodegradable lubricants that offer greater protection for wildlife and ecosystems in the event that they come into contact with the environment, Shell said. 

“We are entering into this strategic acquisition to grow our presence in the global industrial lubricants market, through differentiated, value-added propositions for our customers,” said Machteld de Haan, global executive vice president of Shell Lubricants. “Once completed, the acquisition will enable us to complement our existing range of sustainable products in response to increasing customer demand.”

The deal is expected to be completed next year.