Lubrizol Sells Food Ingredients and Industrial Specialties Businesses
The Lubrizol Corporation announced that it has entered into an agreement to sell its food ingredients and industrial specialties businesses (the Business) to an affiliate of Sun Capital Partners, Inc. (Sun Capital), a private investment firm.
The Business consists of a fine chemicals group, a specialty polymers and additives group and a performance materials group. The Business' products have applications in the following markets: food and beverage; personal care and intermediates; textiles, paper, tires and industrial rubber; and adhesives. Lubrizol acquired most of the Business with the acquisition of Noveon International, Inc. in June 2004. The Business previously reported into the consumer specialties product line of the Noveon Specialty Chemicals segment. The 2005 sales for the Business were approximately $400 million.
Included in the sale are six manufacturing sites: Akron and Cincinnati, Ohio; Charlotte, North Carolina; Cheyenne, Wyoming; Henry, Illinois; and Kalama, Washington. The purchaser intends to retain all of the employees, numbering approximately 625, at these locations.
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