SINGAPORE, August 22, 2024 – Rebecca Liebert is President and Chief Executive Officer of The Lubrizol Corporation, a Berkshire Hathaway Company. She leads the premiere global specialty chemicals company in pursuing its mission to continually innovate, solve its customers’ most complex challenges and help millions of people, communities and businesses around the globe move cleaner, create smarter and live better every day.
She was in the city as Lubrizol celebrates 40 years in Singapore, showcasing the company’s commitment to innovation and sustainability in its strategy for Southeast Asia. With Singapore serving as a pivotal hub, Liebert outlines how the region plays a crucial role in Lubrizol’s global growth trajectory and sustainability efforts.
In this conversation with AsiaBizToday, she shares how Lubrizol is charting a course that is both forward-looking and deeply rooted in the present.
Singapore: A Strategic Hub for Southeast Asia
“Singapore is right here in the heart of it,” Liebert says, emphasizing the significance of the city-state as a hub for Southeast Asia. As Lubrizol celebrates four decades in Singapore, the company’s presence in the region is more critical than ever. Southeast Asia, identified as one of Lubrizol’s high-growth regions alongside China, India, and Brazil, is poised to be a key driver of the company’s future success.
“We’ve dubbed Southeast Asia as one of our high-growth regions because of the booming middle class and the rapid infrastructure development,” Liebert explains. Singapore, while already a strong mid-market economy, plays a vital role in serving the broader Southeast Asian market. “From a beauty perspective, our innovation in Singapore, alongside Shanghai, is central to meeting the needs of the influential Asian market,” she adds.
Lubrizol’s investment in Singapore is not just about capitalizing on the region’s growth but also about leading in innovation. The company’s beauty research centre in Singapore exemplifies its commitment to innovating locally for the local market. However, the influence of these innovations extends far beyond Southeast Asia. “We start here, but we take what we learn in Asia and bring it around the world,” Liebert notes, highlighting the global impact of trends originating in Asia, including J-beauty, K-beauty, C-beauty, and now S-beauty, which refers to Singapore.
Sustainability: A Core Pillar in Southeast Asia
Liebert is clear about the role of sustainability in Lubrizol’s future, particularly in Southeast Asia. “Sustainability has been at the core of Lubrizol for the last 100 years,” she says, pointing to the company’s history of innovations that have significantly reduced environmental impact. For instance, Lubrizol’s additives and lubricants have extended the life of car engines from 3,000 miles to 300,000 miles, drastically reducing the need for raw materials and energy.
In Southeast Asia, sustainability is not just about meeting regulatory requirements; it’s about leveraging the region’s unique resources. “This region has vast opportunities, from agricultural resources to alternative energy like wind and solar,” Liebert says. She believes that Southeast Asia, with its abundant natural resources, can be a leader in sustainable practices, especially in agriculture and energy.
Liebert also addresses the challenge of marrying profitability with sustainability, a topic of much debate globally. “If it’s good for our customers, then it’s going to be good for our financial performance,” she asserts. This customer-centric approach drives Lubrizol’s sustainability strategy. For example, in the beauty and home care sectors, there is a strong demand for biodegradable products. Responding to this, Lubrizol recently launched its first inherently biodegradable acrylic polymer, Carbopol Fusion, which has seen strong market uptake.
Lubrizol’s approach to sustainability is deeply intertwined with its talent strategy. The company recognizes that its employees are crucial to driving its sustainability goals. “All of our talent, our employees, are aligned with our strategy,” Liebert says. Lubrizol’s strategic refresh in 2023 involved employees at all levels, ensuring that sustainability is not just a corporate goal but a shared mission across the organization.
The company also encourages employee engagement through various resource groups, including a sustainability resource group. These groups allow employees to contribute ideas and take part in initiatives that promote sustainability, whether through recycling programs, tree planting, or educational sessions on sustainable practices.
Local Innovation for Regional Needs
Understanding that sustainability demands vary by region, Lubrizol tailors its strategies to meet local needs. “We don’t just bring a Western formulation to China or Southeast Asia,” Liebert explains. Instead, the company formulates specific additive packages and products that align with the unique demands of each region. “In most cases, we really formulate in the region for the region,” she says, ensuring that Lubrizol’s products are not only effective but also relevant to the local market.
In India, for example, Lubrizol’s investment in Maharashtra is focused on improving fuel standards and sustainability through its additives business. Similarly, the company’s leadership in CPVC technology is helping to deliver clean water to millions of homes in India, further underscoring its commitment to sustainability in the region.
As Liebert leads Lubrizol into its next century, her vision is clear: innovation and sustainability will be the cornerstones of the company’s success. “We only have one planet that we’re going to live on,” she reminds us, stressing the importance of treating the environment with care and respect.
In Southeast Asia, this vision translates into a strategy that leverages local innovation, meets regional needs, and drives sustainable growth. Singapore and the broader Southeast Asian region are not just markets for Lubrizol; they are integral to the company’s global strategy, serving as both a hub of innovation and a model of sustainability.
As Lubrizol continues to evolve, its commitment to sustainability and innovation, particularly in high-growth regions like Southeast Asia, will be key to its success for the next 100 years and beyond.