NewMarket set to purchase Calca Solutions, details not revealed
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Sep 17 2025
0mins
Should l Buy NEU?
Acquisition Announcement: NewMarket has entered into a definitive purchase agreement to acquire Mars TopCo, the parent company of Calca Solutions, which is currently owned by AE Industrial Partners.
Transaction Details: The acquisition is expected to close in 2025, pending customary closing conditions, including antitrust clearance, and will be financed through available cash and borrowings from NewMarket's revolving credit facility.
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Analyst Views on NEU
About NEU
NewMarket Corporation is a holding company operating through its subsidiaries, Afton Chemical Corporation (Afton), Ethyl Corporation (Ethyl), and American Pacific Corporation (AMPAC). The Afton and Ethyl companies develop, manufacture, blend, and deliver chemical additives that enhance the performance of petroleum products. AMPAC is a manufacturer of specialty chemicals used in solid rocket motors for the aerospace and defense industries. Its petroleum additives segment includes lubricant and fuel additives. Its specialty materials segment includes critical materials used in solid rocket motors for space launch and military defense applications. Ethyl provides contracted manufacturing and related services to Afton and to third parties and is a marketer of antiknock compounds in North America. The Company is also a producer of UltraPure and high-purity hydrazine, which are essential, mission-critical propellants that enable advanced aerospace and defense applications.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Decreased Holding Proportion: Following this sale, London Co's holdings in NewMarket decreased to 492,820 shares, representing 1.95% of its 13F reportable AUM, reflecting a strategic rebalancing of its investment portfolio.
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- Dividend Yield: The forward yield of this dividend stands at 1.91%, reflecting the company's commitment to shareholder returns while providing investors with a relatively stable income source amidst market fluctuations.
- Payment Schedule: The dividend will be payable on April 1, with a record date of March 16 and an ex-dividend date also on March 16, ensuring shareholders receive their returns in a timely manner.
- Market Performance Analysis: Despite a soft market environment, NewMarket continues to demonstrate strength in petroleum additives and specialty materials, indicating the company's competitive position even in challenging conditions.
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- Business Overview: NewMarket operates through subsidiaries such as Afton Chemical, Ethyl, AMPAC, and Calca, providing chemical additives and specialty materials primarily for the aerospace and defense sectors, showcasing its market leadership across multiple industries.
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- Share Reduction Transaction: On February 17, 2026, London Co disclosed a sale of 36,512 shares of NewMarket, valued at approximately $27.88 million, indicating a cautious outlook on the company's future performance.
- Decreased Holding Proportion: Following this sale, London Co's holdings in NewMarket decreased to 492,820 shares, representing 1.95% of its 13F reportable AUM, reflecting a strategic rebalancing of its investment portfolio.
- Financial Performance Overview: NewMarket reported $2.73 billion in revenue and $418.75 million in net income for 2025, although both figures declined from record levels in 2024, yet the company maintains strong cash flow and low debt levels.
- Market Outlook Analysis: Despite NewMarket's stock price rising 10.1% over the past year, it faces long-term challenges from the rise of electric vehicles and regulations pushing for cleaner fuels, necessitating cautious evaluation of its future growth potential.
See More
NewMarket Declares $3.00 Quarterly Dividend Amid Market Conditions
- Quarterly Dividend Declaration: NewMarket has declared a quarterly dividend of $3.00 per share, consistent with previous distributions, indicating the company's stability and ongoing cash flow in the current market environment.
- Dividend Yield: The forward yield of this dividend stands at 1.91%, reflecting the company's commitment to shareholder returns while providing investors with a relatively stable income source amidst market fluctuations.
- Payment Schedule: The dividend will be payable on April 1, with a record date of March 16 and an ex-dividend date also on March 16, ensuring shareholders receive their returns in a timely manner.
- Market Performance Analysis: Despite a soft market environment, NewMarket continues to demonstrate strength in petroleum additives and specialty materials, indicating the company's competitive position even in challenging conditions.
See More
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- Quarterly Dividend Announcement: The Board of Directors of NewMarket Corporation has declared a quarterly dividend of $3.00 per share, payable on April 1, 2026, reflecting the company's ongoing commitment to shareholder returns.
- Record Date for Shareholders: The dividend will be payable to shareholders of record as of March 16, 2026, ensuring that investors receive timely benefits and enhancing investor confidence in the company's financial health.
- Business Overview: NewMarket operates through subsidiaries such as Afton Chemical, Ethyl, AMPAC, and Calca, providing chemical additives and specialty materials primarily for the aerospace and defense sectors, showcasing its market leadership across multiple industries.
- Forward-Looking Statement Risks: The company highlights various risks associated with its forward-looking statements, including raw material availability, production disruptions, and technological changes, which could lead to discrepancies between actual results and expectations.
See More
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Market Trends: The S&P 500 has experienced fluctuations without a clear positive trajectory, leading investors to consider safer defensive plays, particularly in dividend stocks, amidst fears of a market correction.
Dividend Stocks: Companies like Hancock Whitney, New Market Corp, and Horace Mann Educators are highlighted for their stable dividend payouts, with Hancock Whitney offering a yield of 2.53% and a sustainable payout ratio of 31.7%.
New Market Corp Performance: Despite a 14% decline in shares year-to-date, New Market remains an attractive dividend play, with a focus on specialty materials and a commitment to growth in this segment.
Horace Mann's Growth: Horace Mann has shown strong performance in its property and casualty business, contributing to its overall earnings growth, and is on track to achieve targeted reductions in expense ratios over the next few years.
See More
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- Income Decline: In Q4 2025, NewMarket reported net income of $81 million or $8.65 per share, down from $111 million and $11.56 per share in Q4 2024, primarily due to a higher effective tax rate, indicating challenges in the current economic environment.
- Petroleum Additives Sales Drop: The quarter saw petroleum additives sales of $585 million with an operating profit of $107 million, reflecting a 6% decline in shipments and lower selling prices, highlighting the direct impact of market softness on the company's core business.
- Specialty Materials Growth: Specialty materials sales reached $49 million, up from $27 million last year, with operating profit increasing to $7 million, driven by higher volumes at AMPAC and the acquisition of Calca Solutions, showcasing the company's success in diversifying its product lines.
- Capital Return and Debt Management: The company returned $183 million to shareholders through share repurchases and dividends while reducing total debt by $88 million, with the net debt-to-EBITDA ratio decreasing from 1.2x at the end of 2024 to 1.1x, reflecting ongoing efforts in financial stability.
See More
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- Revenue and Net Income Decline: In Q4 2025, net income was $81.3 million, or $8.65 per share, significantly down from $110.7 million and $11.56 per share last year, reflecting pressures from market softness and a higher effective tax rate.
- Petroleum Additives Sales Drop: Q4 2025 petroleum additives sales were $585.1 million, down from $626.1 million in Q4 2024, primarily due to a 6% decline in shipments and lower selling prices, leading to operating profit dropping to $106.8 million, impacting overall profitability.
- Specialty Materials Growth: Specialty materials sales reached $48.5 million in Q4 2025, up from $27.1 million last year, with operating profit increasing from $1.5 million to $7.3 million, showcasing the positive impact of AMPAC and Calca acquisitions.
- Cash Flow and Shareholder Returns: The company generated strong cash flows in 2025, paying $105.9 million in dividends and repurchasing $77.2 million in stock while reducing long-term debt by $87.9 million, demonstrating financial resilience amid an uncertain economic environment.
See More
