Along with our parent company, NewMarket Corporation, we hold close the long-standing values that have contributed significantly to our success and will continue to do so into the future. For over a century, the values that we live by, namely Safety and Environmental Responsibility, along with Good Corporate Citizenship, have been critical to our commitment to doing business in a way that protects our employees, the communities in which we operate, and the environment.
We are committed to making the world a better place through our products and our company as a whole. We use our formulations, technology, and application expertise, together with our market insights to help our customers develop & market products that:
Examples of our efforts in these areas include developing engine oil additives to optimize performance, help improve fuel economy and reduce emissions in passenger cars, and automatic transmission fluid (ATF) additives specially designed to improve fuel economy. At Afton, we also have developed products for use in hybrid vehicles, and as the leading additive supplier to the electric vehicle market, we are investing in and delivering new technologies to enable electric vehicle market growth. On the industrial side, Afton has been providing wind turbine oil solutions for many years, supporting this growing renewable energy market. For more details on our product development and enabling technology, click here.
We participate in industry initiatives, like Responsible Care®, that improve the health, safety, and environment globally. We are a founding member of Responsible Care, having been involved since its inception in 1988. We have implemented Responsible Care management systems at all our U.S. manufacturing sites and our headquarters in Richmond, Virginia. We have also implemented ISO 14001 management systems at all global manufacturing and R&D facilities (click here to learn more about Afton's Responsible Care Initiatives). Our focus on Responsible Care metrics helps us minimize our environmental impact, improve internal efficiencies, and identify opportunities to better serve our customers. We also serve on the Additive Technical Committee’s (ATC) Sustainability Sub-Committee and the American Chemistry Council’s (ACC) Sustainability Initiative and Security Committee.
Our Values are our foundation and support the inclusive and respectful culture we have established in all of our locations around the globe.
In alignment with our Values, NewMarket, Afton and Ethyl provide meaningful and valuable career opportunities for over 2,100 employees. We have a diverse workforce, representative of the various geographies in which we do business, and we place a high value on diverse thoughts, skills, perspectives, cultures and knowledge.
Our compensation philosophy ensures internal equity, and we provide market competitive total rewards, including competitive base pay and a comprehensive benefits package, to attract, motivate and retain our employees. In North America, for example, this includes both a defined contribution plan and a defined benefit plan. As reported in our regulatory filings, the ratio of our CEO annual compensation to our median employee compensation is 22:1. Additionally, our female to male pay ratio is 100%, demonstrating no gap in pay for female employees compared to male employees in similarly situated roles.
When we hire new employees, we do so with the goal that they stay with the company for their career. Globally, greater than 15% of our employees have more than 20 years of service, and greater than 5% of our employees have more than 30 years of service. Our full-time employee turnover rate, which captures all reasons for employee departure including retirement, is less than 8% and our global quit rate, which includes full-time employees who voluntarily chose to leave the company, is approximately 2%. Less than 5% of our global employee population is held by part-time employees.
NewMarket is also committed to providing and maintaining a work environment that is free from unlawful discrimination, harassment and retaliation and that fosters respect for all employees, customers, suppliers and contractors. Click here to learn more about our Non-Discrimination and Anti-Harassment Policy.
Through NewMarket Foundation, we support many programs in our community that focus on education, health, social services, and cultural activities and programs that improve the quality of life in the communities in which we operate. The Whale Foundation, a public charity, also exists to provide grants to qualified individuals who have experienced financial hardship due to natural disaster, life-threatening illness or injury, the death of a family member or other catastrophic or extreme circumstances beyond their control.
As a wholly-owned subsidiary of NewMarket Corporation, Afton follows NewMarket's long-established global standards of conducting business with ethical practices outlined in the NewMarket Code of Conduct. Everyone we deal with—employees, customers, suppliers, shareholders, and communities—has a right to feel confident that Afton and its people act with honesty, integrity, and fairness.
We expect our employees to always conduct business following our policies and practices as well as our values. The NewMarket Code of Conduct comprises all of these policies and more.It provides a clear statement of our expectations for how we will conduct business as a company and individuals. Each employee is required to complete training on our Code of Conduct annually. We each commit to align with NewMarket’s common set of beliefs and act with the utmost professionalism and integrity.
Afton has built its reputation for over 90 years, and it is one of our most important assets. Our employees are known for their high ethical standards and integrity.
Afton continues to build out our Life Cycle Assessment (LCA) process, which was first initiated in 2011. These LCAs help our internal teams and customers determine what adjustments or alternatives can be implemented to improve a product’s environmental footprint while still delivering product performance. We apply this lifecycle thinking approach to all that we do, including several energy reduction projects underway to eliminate over 2,000 MT of CO2 equivalent in 2020, and have identified projects for further CO2 equivalent reductions in the coming years.In 2015, at Afton’s R&D Innovation Center in Richmond, VA, the Mechanical Testing team installed regenerative AC motors to generate electricity that is put back into the local power grid. The project has resulted in a significant reduction in energy consumption and carbon emissions annually. Real-time displays offer our employees and customers a look at CO2 emissions avoidance during testing.
Our automatic transmission fluid (ATF) additive technology delivers measurable benefits designed to improve system durability by enabling OEMs to introduce new transmission designs that lower emissions, improve fuel economy, and enhance driver experience.
Driven by increasingly stringent emissions legislation and efficiency, automakers have implemented significant engine design, operation, and control changes. These designs place additional stress on lubricants, and the ILSAC GF-6 specification introduced in May 2020 was designed to address these, particularly with new tests to evaluate pre-ignition and timing chain wear performance. Afton’s new GF-6 technology is designed to provide industry-leading deposit control, improved fuel economy, and low-speed pre-ignition protection. It was also developed to meet the challenges of the latest China VI emissions regulations. Click here for more details.
As the automotive industry increased their use of gasoline direct injection (GDI) technology to deliver improved fuel economy and reduced Greenhouse Gas Emissions (GHG), Afton has simultaneously embarked on a decades-long focused R&D campaign resulting in the development and deployment of additives that make gasoline cleaner and engines more efficient. We developed a GDI Headquarters to help customers with critical information related to GDI and how Afton technology can support its use. Below are articles highlighting Afton’s involvement in GDI Fuel Additive technology addressing fuel economy and emissions control:
Our industrial additives have included wind turbine oil solutions since the early 2000s. Our technology reliably runs in thousands of wind turbines worldwide, supporting the growing renewable energy market. With our additives, we enable the wind turbine manufacturers and their gearbox suppliers to achieve more efficient output and productivity.
Areas of focus that are material to multiple product areas include:
Afton is committed to corporate social responsibility within its community and in its industry. We do not employ nor condone the employment of forced or compulsory labor, slave labor, or unlawful child labor. We do not engage in nor condone human trafficking, which can lead to forced labor. As part of the NewMarket family of companies, we have adopted a policy against Slavery and Human Trafficking that we apply to all our suppliers and service providers and their affiliates. Click here to learn more about our policy and the steps we take following the provisions of the California Transparency in Supply Chains Act of 2010.
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