Methes Energies Inc (MEIL)

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$MEIL Methes Energies International Ltd. Acquires Florida-based EarthFriendly Products, Inc.

https://www.accesswire.com/740244/methes-energies-international-ltd-acquires-florida-based-earthfriendly-products-inc

LAS VEGAS, NV / ACCESSWIRE / February 22, 2023 / Methes Energies International Ltd. ("Methes" - http://www.methes.com) announced today that it has finalized the acquisition of Celebration, Florida based EarthFriendly Products Inc., the manufacturer and marketer of b2 biOil and other bio-lubricants. This acquisition will combine efforts and build upon Methes' current platform in which to launch an increased assortment of bio-renewable solutions.

"After an intensive three-year search to find a synergistic partner to continue promoting our bio-renewable solutions while bolstering shareholder value, I am pleased to announce this seamless transition with EarthFriendly Products;" said Michel G. Laporte, past Chairman and CEO of Methes. "Their branding and go-to-market strategies will help the Company further penetrate the bio-lubricant marketplace within multiple channels."

According to FORTUNE Business Insights, the bio-lubricant marketplace is to reach $4.26 billion by 2029 as government initiatives govern oil-based lubricants to stimulate market growth with a CAGR of almost 4.7%, 2022 - 2029. While this segment is less than 1.5% of the total global finished lubricant market, its growth is significantly faster than the others. Government policies and socially responsible end-users are projected to increase demand to drive the market during this period.

"We are delighted to finalize this transaction and expand our environmentally charged agenda;" said Carol Loch, President of EarthFriendly Products Inc., now appointed Chairwoman and CEO of Methes Energies International Ltd. She added; "Environmentally concerned and socially responsible consumers and customers alike should not have to sacrifice value or performance when selecting an earth friendlier product over their traditional product choices…as it is our mission to make our GREEN choices a logical choice!"