Belgium, December 16th 2016 - Chevron and Total are today announcing the successful completion of the process to restructure their Joint Venture Arteco NV as a stand-alone organisation. Since commencing business in 1998, Arteco has expanded its geographical scope within Asia Pacific, Africa and the Middle East and tripled the coolant volume marketed.
At a signing ceremony in Ghent, Belgium, officials from Chevron, Total and Arteco signed agreements which will enable the restructure of Arteco NV as a stand-alone organisation in January 2017.
In its new structure, Arteco NV remains a 50/50 joint venture from Chevron and Total, and streamlined business processes will provide renewed flexibility and an intensified technology focus to address market evolutions. The company will operate from a consolidated base in Ghent and also from Antwerp. Alexandre Moireau will be the General Manager, whose appointment was unanimously supported by shareholders Chevron and Total.
Alexandre Moireau joined Arteco in 2000. As business manager of our sales operations in Europe for the last 9 years, he has developed a significant operational and international experience. He has extensive knowledge of the coolants industry.
Alexandre Moireau, Arteco NV commented: “Arteco is poised for a new beginning in a new year. We are committed to ensuring the customer service and business continuity which you, our customers and business partners, require. Whilst we increase our technology resources and accelerate product development, we look forward to continuing our business relationship with you.”
Both shareholders view this transformation as an opportunity to position Arteco for long-term profitable growth and sustained competitiveness.