1966. Factory for the production of edible oil and plant for the production of calcium lubricating greases were separated from chemical industry "Merima". During edible oil production, lubricating greases were produced from by-products (fatty acids). These were the beginnings of lubricating greases production development. Initial results, searching for new programmes based on petroleum derivatives and expanding the programme by introduction of metalworking oils production, were the crucial points in establishing Fabrika Maziva-FAM.

1972. Due to different technologies in production processes of edible oils and lubricants, as well as due to differences in properties and application of the products, it was decided to separate the mentioned production programmes. Fabrika Maziva-FAM is established as independent company, by separation from the joint company PK-Vrbas "Fabrika ulja i maziva" – Kruševac. That year, FAM produced 1.800 tons in the range of 60 products, primarily metalworking products and lubricating greases. From that point, FAM initiates larger facilities reconstruction, modernization and increasing of the capacities for the production of greases, industrial oils, additive packages and emulsifiers.

1990. In view of expanding business acitivities outside its basic business, Fabrika Maziva and "Interexport" Belgrade formed joint company "Faminex", for the production and sales of special lubricants, with its headquarters in Free Zone Belgrade.

1992. From this year onwards, Fabrika Maziva is integrated in Petroleum Industry of Serbia, under new name, NIS-Fabrika Maziva-FAM. This is the period when the company achieved intensive development regarding product range and investments.

1995. This year has multiple importance for FAM development. NIS Fabrika Maziva-FAM formed the company Fampharm, for the production of pharmaceutical preparations. With the aim of expanding to markets of other former Yugoslav republics, two other daughter companies were formed in 1995: Faminex with its headquarters in Skopje and Faminex with its headquarters in Sokolac.This is the year when NIS-Fabrika Maziva initiated intensive investment activities for the purpose of dislocation of its production activities to the 19 hectares new area. On New location, 25.500 m2 of the production and storage facilities were built with complete infrastructure and appropriate energy supply resources.

1997. Fabrika Maziva establishes new company Famambalaža for the production of metal and plastic containers, for its own needs as well as for external market needs.

1999. Lubricating greases production begins in the newly built factory in New location.

2003. By finishing the mentioned investment activities, conditions are created for capacities and product range increase and for new technologies development. Factory for the production of industrial and engine oils, which was put into operation on 30.06.2003. is modern production, completely automated with software guided production processes. NIS-Fabrika Maziva-FAM invested around 50 million dollars of its own funds in its New location.

2005. When Law on Petroleum Industry of Serbia (NIS) ceased to be valid, new company FABRIKA MAZIVA "FAM" d.o.o. Kruševac for petroleum derivatives production was established on 01.10.2005. as independent legal entity, the founder of which is the Government of Republic of Serbia.

2006. Famambalaža is merged to Fabrika Maziva FAM d.o.o.

2007. Fabrika Maziva FAM was sold, in the procedure of tender privatisation to Consortium comprising of Preduzeće za puteve Beograd a.d. and Petrobart d.o.o., Belgrade. After that, legal form of Fabrika Maziva doo Kruševac was changed from limited liability company to open joint stock company. After completed privatization process, FAM works within the system NIBENS GROUP.

2008. The first year of privatization of Joint Stock Company Fabrika maziva FAM was marked on 18.04. 2008. All contractual obligations from social and investment programme, for the mentioned period, were completely fulfilled.

2011. The privatization contract was terminated. FAM now operates as a state enterprise and is 99.4% owned by the state.

2019. Valvoline Europe officially acquired Fabrika Maziva FAM a.d. Krusevac on July 1st, 2019. This acquisition involved the entire product and service portfolio of FAM.