Apparatus and method of lubricating leads for installation of a component on a circuit board. In the process, a strip of conductive foam is compressed and inserted into a solution of solvent and lubricant operation. The compressed form is permitted to expand within the solution thereby resulting in the foam being saturated with the solution. The saturated foam is air dried to remove the solution and produce a foam that is impregnated with the lubricant. The leads of the component are inserted into the impregnated foam thereby resulting in each component lead being covered with a thin coat of the lubricant.