TotalEnergies Snaps Tecoil, A Lubricant Used Oil Regeneration Specialist, Financial Terms Undisclosed
Portfolio Pulse from Benzinga Newsdesk
TotalEnergies has acquired Tecoil, a Finnish company specializing in the production of Re-Refined Base Oils (RRBOs). Tecoil operates a facility in Finland and has developed a circular economy network for collecting and re-refining used lubricants. The financial terms of the acquisition were not disclosed.
July 01, 2024 | 9:05 am
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TotalEnergies has acquired Tecoil, enhancing its capabilities in the circular economy and sustainability by integrating Tecoil's efficient used oil regeneration process.
The acquisition of Tecoil by TotalEnergies is likely to positively impact TTE's stock in the short term due to the enhancement of its sustainability profile and circular economy capabilities. This aligns with growing market demand for environmentally friendly solutions.
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